Reps approve $8.3bn, €490m W’Bank, China loans for Buhari

Reps approve $8.3bn, €490m W’Bank, China loans for Buhari 4
Reps approve 83bn E490m WBank China loans for Buhari

Last Updated on July 17, 2021 by MyGh.Online

The House of Representatives, on Friday, approved $8,325,526,537 and €490,000,000 foreign loans under the 2018-2020 External Borrowing (Rolling) Plan of the Federal Government for which the President, Major General Muhammadu Buhari (retd.), sought the approval of the National Assembly.

The Senate had passed the loans on Thursday.

The House Committee on Aids, Loans and Debt Management recommended the approval in its report that was considered and adopted at the plenary on Friday.

The report listed the funding agencies as World Bank, $796,000,000; China EXIM Bank, $2,901,026,509; Industrial Commercial Bank of China, $2,484,555,304; Africa Development Bank, $104,200,000; Africa Growing together Fund, $20,000,000; French Development Agency, €240,000,000; European Investment Bank, €250,000,000; European ECA/KFW/IPEX/AFC, $1,959,744,724; and the International Fund for Agricultural Development, $60,000,000.

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Under the World Bank-supported projects are the Second Africa Higher Education Centres of Excellence for Development Impact Project (Second ACE Impact), $75,000,000; Sustainable Procurement, Environment and Social Standards Enhancement Project, $80,000,000; Nigeria Digital Identity for Development Project $115,000,000; Multi-Sectoral Crises Recovery Project for the North East – Additional funding, $176,000,000; Rural Access and Agricultural Marketing Project, $200,000,000; Edo Basic Education Sector and Skills Transformation (Operation EDO BEST), $70,000,000; and Ogun State Economic Transformation Project, $250,000,000.

Under the China EXIM Bank-supported projects are the Construction of Lafia Bypass Road and the Dualisation of 9th Mile (Enugu)–Otukpo-Makurdi road project (Keffi PhaseII), $845,753,419; Construction of Akwanga Jos-Bauchi-Gombe carriageway project, $1,333,000,000; four airport terminal expansion projects (Phase II), $208,905,162; ancillary works on four airport expansion projects, $183,621,057; supply of rolling stock and depot equipment for Abuja light rail project, $157,001,050; e-Border Solution, $172,745,821.

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The Industrial and Commercial Bank of China-supported project is the Port Harcourt to Maiduguri with branches to Yola and Damaturu railway lines (1,408km) $2,484,555,304.

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