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Nigeria: AfDB Grants $200 Million Loans to Nigerian Banks
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This Day (Lagos)
15 May 2008
Posted to the web 15 May 2008
Lagos
The African Development Bank (AfDB) said yesterday that it has granted about $200 million credit facilities to some Nigerian banks for on-lending to the different sectors of the economy.
Executive Director of the AfDB, Dr. Mansur Mukhtar, told Nigerian journalists at the 43rd Annual General Meeting of the Bank Group in Maputo, Mozambique that the loans were meant for the development of infrastructure, health and social services.
He said that the loans were to enhance the growth of the Nigerian economy through the development of these sectors.Mukhtar, who represents Nigeria on the board of the AfDB, said that it was wrong to think that Nigeria, through these facilities, was relapsing into another debt crisis.
He said that Nigeria was now limiting itself to concessional borrowing with small interest rates and long repayment periods to facilitate the development of the economy. The AfDB Executive Director said that the bank was working with Nigeria to re-align its macroeconomic policies to the 7-point agenda of the current administration. He said that the AfDB was also working toward strengthening its presence in the field operations in Nigeria by allowing many of its workers to supervise projects in the country.
Mukhtar said that the bank was in support of private-public sector partnership in the development of infrastructure. He said that the AfDB was already holding discussions on the development of some roads, power, health and power transmission lines.
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According to him, Nigeria being the single largest shareholder in the AfDB is providing strong support to the bank in line with its policy of fostering cooperation in Africa.
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