European Banks May Fund Djibouti Airport After China Deal Nixed
- Djibouti cancelled China Civil Engineering contract in 2017
- Potential loan for $420 million will be repaid over 15 years
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A syndicate of European banks are in talks to finance a new airport in Djibouti after the government canceled a contract awarded to China Civil Engineering Construction Corp., the Red Sea nation’s port authority said.
The German Development Bank, known as KfW, is leading the group of lenders considering whether to provide a $420 million commercial loan for the project, Djibouti Ports & Free Zones Authority Chairman Aboubaker Omar Hadi said in an interview. No deal has been finalized yet, he said.