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LequteMan
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The Nigeria's government has approved a $200 million Work Bank loan to develop infrastructure in Lagos state, Babatunde Fashola, Minister for works, power and housing said.
The loan was the second tranche of a total of $600 million lent by the International Development Association to the Nigeria government for Lagos state since 2010, he said.
Fashola did not give details of any projects for which the loan would be used, but said the money had been intended for distribution in three tranches each of $200 million to end in 2013 but had been delayed.
"It suffered delays as a result of partisan political differences in the last dispensation. After the first tranche was disbursed there was a freeze on the second tranche," he told reporters.
Fashola said the loan was to be repaid over 25 years at an interest rate of 2.5 percent.
Reuters
The loan was the second tranche of a total of $600 million lent by the International Development Association to the Nigeria government for Lagos state since 2010, he said.
Fashola did not give details of any projects for which the loan would be used, but said the money had been intended for distribution in three tranches each of $200 million to end in 2013 but had been delayed.
"It suffered delays as a result of partisan political differences in the last dispensation. After the first tranche was disbursed there was a freeze on the second tranche," he told reporters.
Fashola said the loan was to be repaid over 25 years at an interest rate of 2.5 percent.
Reuters
