Bank of China and South Africa Nedbank will extend a syndicated loan of 1 billion ZAR for the cement plant project of Manba Cement as co-lead banks. Recently, the signing ceremony for the financing project has taken place in South Africa. Chen Siqing, vice executive president of BOC, signed the agreement on behalf of BOC.
After coming on stream, the project is expected to output 1 million tons of cement annually.
The project is jointly funded by Tangshan Jidong Development Group, China Africa Development Fund, South Africa Women Investment Portfolio Holdings and local investor in South Africa. Nedbank is South Africa's fourth-largest bank.
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