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FG to secure $160m loan for power generation and transmission from AfDB

By on January 12, 2013

 

Minister of State for Power, Mrs. Zainab Kuchi

Minister of State for Power, Mrs. Zainab Kuchi

The Minister of State for Power, Hajiya Zainab Ibrahim Kuchi has disclosed that the Federal Government has finalized arrangement to secure a 160million loan from the Africa Development Bank (AfDB).

Kuchi said the FG has made this arrangement to make up for its original plan to boost power generation and transmission in the country.

She said, “The source of the funding is from an arrangement with Exim Bank of China for the 75 per cent of the cost while counterpart funding balance of $309 million is currently available with the ministry.”

According to the Minister, the Federal Government would provide 25 per cent of the overall funds to be used for the project, besides the loan from AFDB.

It could be recalled that last year the United States’ Exim Bank promised to give credit facilitates to investors in the Nigerian power sector.

Mrs Kuchi disclosed this when presenting a report to the Presidential Action Committee on Power, and at the same time disclosed FG’s plan to boost power generation and transmission through the help of AFDB.

Kuchi concluded by announcing the completion of the 239kilometres of 330KV transmission line, saying it was ready for commissioning.