This Day (Lagos)

Nigeria: U.S. Approves $250 Million Loan for Fertilizer Facility in Nigeria

The Board of Directors of Overseas Private Investment Corporation (OPIC) has approved a $250 million loan to fund a nitrogen fertilizer facility in Nigeria.

OPIC is a United States Government's development finance institution that mobilizes private capital to help solve critical development challenges and its achieves its mission by providing investors with financing, guarantees, political risk insurance, and support for private equity investment funds.

Disclosing this in Washington DC, State Department's Spokesperson, Victoria Nuland, said: "I want to, before we start, just commend the OPIC Board of Directors for approving two major projects in Africa totaling some $400 million. These are actually both pretty cool. This first one is called Greenpark and it includes a $250 million loan to fund a nitrogen fertilizer facility in Nigeria."

Ads by Google

Copyright © 2012 This Day. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 2,000 reports a day from more than 130 news organizations and over 200 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.