KBC Global Expands into Liberia with $12.5 Million Development Project

Infrastructure firm KBC Global Ltd has announced through its subsidiary, KBC International, a $12.5 million development deal with the Liberia SEZ Authority. The project, slated to start in the second quarter of 2025, aims to complete commercial and residential spaces within three years. KBC has also regularized its financial obligations and secured a favorable MoU with Capri Global Capital.

Infrastructure firm KBC Global Ltd announced on Tuesday that its subsidiary, KBC International, has signed an agreement with the Liberia SEZ Authority to develop commercial and residential projects worth $12.5 million, approximately Rs 105 crore.

KBC Global disclosed that the Liberia SEZ Authority is undertaking the development of commercial space, residential, and low-cost housing projects in a special economic zone, targeted for completion within three years. This ambitious project is set to commence in the second quarter of 2025.

In a significant financial update, KBC Global confirmed that it had successfully fulfilled its payment obligation to Capri Global Capital Ltd, regularizing its default on September 19, 2024. The company has also secured a favorable Memorandum of Understanding (MoU) with Capri Global Capital, obtaining a waiver for non-financial penal interest. As of today, KBC's outstanding balance with Capri Global Capital stands at Rs 13.50 crore.

Expanding its footprint in Africa's infrastructure development market, KBC Global in June won a $20 million civil engineering subcontract in the soft infrastructure sector from CRJE (East Africa) Ltd, underscoring its growing influence and capabilities in the region.

(With inputs from agencies.)