L
LequteMan
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In a bid to cushion the effect of the slump in oil prices on Nigeria's economy, FG has decided to get external loans worth $5.7bn (N2.97tn) from its development partners to finance infrastructure projects contained in the 2015 budget.
The development partners, from whom the loan will be sourced are the World Bank, African Development Bank, Islamic Development Bank and China Export-Import Bank.
The borrowing plan was confirmed by the Minister of Finance, Dr. Ngozi Okonjo-Iweala, in a 28-page document entitled, ‘The overview of the 2015 budget proposal’, a copy of which was obtained by our correspondent in Abuja on Wednesday.
She stated that the sum of $100m (N16.8bn) would be sourced from the World Bank for Clean Energy Technology project; $800m (N135.4bn) would be obtained from the African Development Bank and the Islamic Development Bank for the East-West Road project, while $4.8bn N806.4bn) would be borrowed for the Mambila Hydro Electric Power Project from China Exim Bank.
click here to read report from Punch
#Nigeria #IslamicBank
The development partners, from whom the loan will be sourced are the World Bank, African Development Bank, Islamic Development Bank and China Export-Import Bank.
The borrowing plan was confirmed by the Minister of Finance, Dr. Ngozi Okonjo-Iweala, in a 28-page document entitled, ‘The overview of the 2015 budget proposal’, a copy of which was obtained by our correspondent in Abuja on Wednesday.
She stated that the sum of $100m (N16.8bn) would be sourced from the World Bank for Clean Energy Technology project; $800m (N135.4bn) would be obtained from the African Development Bank and the Islamic Development Bank for the East-West Road project, while $4.8bn N806.4bn) would be borrowed for the Mambila Hydro Electric Power Project from China Exim Bank.
click here to read report from Punch
#Nigeria #IslamicBank
