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Chinese company wins $1.85bn Kano Railway contract

By News Express on 30/08/2016

Views: 1,400


China’s state-owned railway construction firm has been awarded a $1.85 billion contract to build a light railway line in Kano State, north-west Nigeria.

The China Railway Construction Corporation Ltd issued a statement saying two of its subsidiaries had been provisionally awarded the light railway project in Kano.
“The contract amount of the project is approximately $1.851 billion, accounting for approximately 2 percent of the operating revenue of the company for the year 2015,” it said in the statement, issued to the Hong Kong stock exchange.
The contract is for four lines, totalling 74 km (46 miles) and capable of carrying trains travelling at a top speed of 100km per hour.
“This award is subject to the fulfilment to all conditions spelled out in the letter of intent from the financing bank and the final approval by the presidency of Nigeria,” it said. A spokesman for the president declined to comment when contacted by Reuters.
A government source said contracts of this nature are usually passed to the cabinet for approval.
The company said it expected the first and second phases of construction to each last for two years, but did not give details of when work was expected to start if approved.
The Minister of Finance, Mrs Kemi Adeosun, said earlier this month that 60 billion naira ($180 million) in additional spending would be allocated for capital projects as part of the 2016 budget to boost the economy.
Adeosun said Nigeria would tap partnerships with the private sector to boost investment and the government was also in talks with General Electric to develop and operate rail services to improve transport for goods. (Reuters)

Source News Express

Posted 30/08/2016 1:13:12 PM

 

 

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