14 January 2013

Nigeria: FG Plans U.S.$160 Million Loan for Power Generation

The Minister of State for Power, Mrs. Zainab Ibrahim Kuchi, has said that the Federal Government has finalised arrangement to secure a loan of $160 million from the Africa Development Bank (AfDB). The loan is to boost power generation and transmission in the country.

According to the Minister, "The source of the funding is from an arrangement with Exim Bank of China for the 75 per cent of the cost."

She said government would provide 25 per cent of the overall funds to be used for the project, besides the loan.

Last year the United States' Exim Bank promised to give credit facilitates to investors in the Nigerian power sector.

She also announced the completion of the 239 kilometres of 330KV transmission line in some parts of the country, which she said would be commissioned soon.

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