Business

June 9, 2023

Chinese counterpart funding stalls $462m Bonny Deep Seaport project

Concession of seaports: Reps fault delay in review

By Godwin Oritse

THE inability of the Chinese Export-Import Bank to provide 85 percent of its counterpart funding of $463million for the Bonny Deep Seaport project has stalled the commencement of the port, former Minister of Transport, Mr. Sambo Muazu, has said.

Speaking on a Facebook interview, Muazu, however, noted that the project is still on course, adding that it is supposed to be part of rehabilitation of the Port Harcourt – Maiduguri railway line.

He said that what is being used to work on the project right now is the 15 percent appropriation funding.
His words: “Bonny Deep seaport is still on course, the seaport is part and parcel of the rehabilitate of the Port-Harcourt-Maiduguri railway line.

“Now, it is supposed to be funded 85 percent by a Chinese concessionary loan from China Exim Bank while the balance of 15 percent is to be provided under our appropriation.

“So far, all the works going there currently is funded from the 15 percent appropriation, the 85 percent from Chinese Exim Bank has not materialized.

“As we speak, the  contractor, China Civil Engineering Construction Company, CCECC, is looking for alternative funding mechanism  based on commercial laws.

“Now, that will be subject to review of both the Federal Ministry of Finance, Budget and National Planning and the Debt Management Office as well all as the  National Assembly”.