Infrastructure firm KBC Global Ltd on Tuesday said its subsidiary KBC International has signed an agreement with Liberia SEZ Authority for the development of commercial and residential projects worth $12.5 million (around Rs 105 crore).
Liberia SEZ Authority is developing commercial space, residential and low-cost housing projects in a special economic zone which is expected to be completed within three years, KBC Global said in a statement.
"The project will commence from second quarter of 2025,” it said.
KBC Global last week announced that it successfully fulfilled its payment obligation to Capri Global Capital Ltd and fully regularised the default on Sept.19, 2024.
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The company said it has entered into a favourable MoU with Capri Global Capital, securing a waiver of non-financial penal interest. As of today, the outstanding balance with Capri Global Capital Ltd stands at Rs 13.50 crore.
Marking its entry in the Africa's infrastructure development market, KBC Global in June bagged a $20 million civil engineering subcontract in the soft infrastructure segment from CRJE (East Africa) Ltd.
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