China Railway Construction Corp signs $5bn in African infrastructure deals

28th Apr 2015
China Railway Construction Corp signs $5bn in African infrastructure deals

China’ largest railway constructor, China Railway Construction Corp, has won two infrastructure projects in Africa with a combined value of US$5.5 billion.

The first, an inter-city railway project in Nigeria known as the Nigeria Ogun State Intercity Mass transit Project, is valued at over US$3.5 billion.

The Chinese company also won a $1.93 billion residential construction project in Zimbabwe.

Financing for the Nigerian rail project is not yet finalised.

However, it has been reported China will allocate $62 billion of its foreign exchange reserves to three state-owned “policy banks” in order to support its New Silk Road project.


The project is aimed at creating infrastructure links with foreign markets.

The People’s Bank of China will direct $32 billion to China Development Bank and $30 billion to Export-Import Bank of China.

Chinese president Xi Jinping had met his Zimbabwean counterpart, Robert Mugabe, last week in Indonesia on the side-lines of the Asian-African Summit.


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