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Dangote signs Chinese bank loan for cement plants

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World Cement,

Reuters are reporting the Dangote Group, the company owned by Africa's richest man Aliko Dangote, signed a deal on 12 April for a US$2 billion loan from the Industrial Commercial Bank of China Ltd for two cement plants.

"The interest rate is okay, quite favorable with me," Dangote commented. "It's for my two cement companies that we are establishing in Nigeria."

The deal included China Export & Credit Insurance Corporation (Sinosure).

Edited from source by Joseph Green. Source: Reuters

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