AfDB, Federal Government of Nigeria Sign Us $300 Million Loan Agreement

31 May 2013
Content from a Premium Partner
African Development Bank (Abidjan)
press release

May 27th 2013 marked the beginning of yet another important relationship between the African Development Bank and The Federal Government of Nigeria.

A loan agreement to support the transport sector was signed by the Minister of Finance, Ngozi Okonjo Iweala, and the Resident Representative of the Nigeria Field Office, Ousmane Dore.

The US $300 million will be used as budget support for the transport sector and economic governance reform program over two years.

The program's overarching development objective is to promote inclusive growth through strengthening road transport sector governance and greater transparency and accountability of public financial management.

The loan shall contribute to the financing of the budget deficit for the fiscal years 2013 and 2014.

The Minister expressed appreciation of the Bank's commitment towards sustainable development in Nigeria, saying that the funds will go a long way towards strengthening transport sector reforms.

Read the original article on African Development Bank (AfDB).

Tagged:
Copyright © 2013 African Development Bank. 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 400 reports a day from more than 100 news organizations and over 500 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.