Dangote Industries said it has raised a loan of $650 million for its Lagos-based Dangote Refinery Project.
Owned by Africa’s richest man, the Dangote Refinery will be the largest in Africa and one of the largest in the world producing petrol, fertilizer and other petrochemical products.
The loan was granted to Dangote Industries by the African Export-Import Bank, Afreximbank.
The company had said last week that it plans to raise $3.3 billion for the project.
All transactions were said to be arranged by the local unit of UK’s Standard Chartered Bank. The remainder will be funded by equity and through export agencies.
The refinery is expected to come onboard by the year 2020, a year later than planned by the company in its earliest disclosures.