China Railway inks $16.3b construction contract with Nigeria
Published on May 7, 2014 9:52 AM
NIGERIA/HONG KONG (Reuters) - China Railway Construction Corp has signed a US$13.1 billion (S$16.3 billion) deal to build a high-speed railway in Nigeria, as China's pushes to develop fast rail and other infrastructure projects on the continent.
China Railway unit China Civil Engineering Construction Corporation signed the contract with the Nigerian government on Monday, according to a filing to the Hong Kong bourse on Tuesday evening.
Under the contract, the state-backed Chinese company will build a railway with a single track length of 1,385 kilometres (860 miles) and a speed of 120 kilometres per hour. The filing gave no details about where the line would be built.
The announcement came as Chinese Premier Li Keqiang, during a visit to Ethiopia, unveiled extra aid for Africa totalling at least US$12 billion and offered to share advance technology with the continent to help with development of high-speed rail, state media reported.
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