Infrastructure company KBC Global Ltd a subsidiary of KBC International has signed an agreement with the Liberia SEZ Authority to develop commercial and residential projects worth USD 12.5 million (about Rs 105 crore).
The Liberia SEZ Authority is developing income-generating zones, residential areas and low-cost housing in a special economic zone that is expected to be completed within three years, KBC Global said in a statement.
The project is expected to start in Q2 2025 and is expected to be completed within three calendar years.
Last week, KBC Global announced that it has successfully fulfilled its payment obligation to Capri Global Capital Ltd and defaulted on September 19, 2024.
The company said it has entered into a favorable agreement with Capri Global Capital, which receives a waiver of non-monetary penalty interest. As of today, the outstanding balance with Capri Global Capital Ltd stands at Rs 13.50 crore.
Marking its entry into the African infrastructure development market, KBC Global in June secured a USD 20 million civil engineering subcontract for the soft infrastructure segment from CRJE (East Africa) Ltd.
The Liberia Special Economic Zone Authority is an entity established by the Government of Liberia under the Special Economic Zone Act 2017 with its registered office at the Layaette Harmon building, Lynch St, Monrovia, Liberia.
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