China Exim Bank Loans $328 Million for Nigerian Internet Project

(Bloomberg) -- The Export-Import Bank of China will provide a $328 million loan for a Nigerian government internet project, according to a statement Saturday by Nigerian presidential spokesman Garba Shehu.

President Muhammadu Buhari and his Chinese counterpart, Xi Jinping, will sign an agreement in Beijing this week for the Chinese bank to extend the loan to Galaxy Backbone Ltd., a Nigerian state-owned company providing technology services to government in the capital Abuja, and Huawei Technologies Co., which is also working on the project, the statement said.

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