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African Develoopment Bank approves N47billion for infrastructure in Nigeria

By on April 10, 2013

The African Development Bank (AfDB) has approved N47 billion ($300 million) budget support loan for improving transport network, infrastructure, agriculture and power in Nigeria.

The Resident Representative of the bank, Mr Ousmane Dore, announced the approval to newsmen in Abuja on Friday, while speaking on the bank’s 2013 to 2017 strategic plan.

“The board of directors has just approved N47 billion ($300 million) budget support loan to support the expansion of existing transport networks and improve public financial management systems in the sector,’’ he said.

Dore said that the country strategy paper was anchored on two pillars of creating a sound policy environment and investing in critical infrastructure.

According to him, the paper is aligned with the long term development agenda of the new administration as outlined in vision 20:2020 and transformation agenda.

He said that the paper was also aligned with the country assistance framework currently developed by the donor community in Nigeria.

On the first pillar of creating sound policy, he said that focus would be on policy dialogue; analytical works and technical assistance.

He said the second pillar of infrastructure development would focus on improved fiscal discipline and effectiveness of public expenditure.

[Daily Times]