FG Secures $1.1 Billion Loan From China

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The Federal Government has secured a loan facility totaling $1.1 billion from the Chinese Export-Import, EXIM, Bank with which to complete the Abuja Light Rail project and build four new airports’ terminals across the country.

According to the agreement for the facility signed in China, yesterday, the Abuja Light Rail project will take $500 million and the Galaxy Backbone ICT infrastructure which will be financed with $100 million.

The third project will be the construction of four state-of-the-art airport terminals in four cities across the country at the cost of $500 million. The terminals will be located in Abuja, Kano, Port Harcourt and Enugu.

A statement by the Senior Special Assistant to Finance Minister on Media and Publicity, Mr. Paul Nwabuikwu, described the projects as “high priority, high impact projects meant to realize President Goodluck Jonathan’s pledge to boost critical infrastructure in the country”.

He said that yesterday’s agreement was the culmination of a process which has been on for several months and has included the approval of the Federal Executive Council and a visit to the Asian country in February by high powered Federal Government delegation.

The loan agreement was signed on behalf of Nigeria by the Coordinating Minister of Economy Ngozi Okonjo-Iweala and, Managing Director of China Exim Bank, Mr Sun Ping.Continue reading

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Sources: Vanguard

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