Nigeria : 8 states get World Bank Loan

Reading time 1 min.

The World Bank (WB) has approved a loan of about 17 billion naira (about US$ 145million) for eight states in Nigeria to execute community -based Urban Development Projects, according to Sunday’s edition of the privately-owned Vanguard newspaper.

Commissioning some of the projects executed in Ondo State this weekend, the World Bank team, led by Mr. Joe Gadek, said the loans were approved for the states to assist them in urban developments.

Speaking at the occasion, Governor Olusegun Agagu of Ondo state announced that the projects included roads, rehabilitation of water mains, construction of concrete channels to control flooding, upgrading of electricity supply, and provision of public toilets and fumigation of school buildings.

The projects, located at the Oke Aro and Odopetu communities in the Akure metrop olis, cost US$ 5.2 million and the state government paid 266 million naira as counterpart funding for the projects.

The loans to the states are repayable in 35 years at 0.75 per cent service charge and the payment is expected to commence in 2012.

Gadek listed the benefiting states as Nasarawa, Ogun, Ondo, Jigawa, Bauchi, Edo, Ebonyi and Akwa Ibom.

According to him, the WB would continue to assist Nigerian states in providing for inadequate or rehabilitation of decaying infrastructural facilities within a given community particularly core areas of urban population for the benefit of residents.

The World Bank official appealed to the benefiting communities to maintain the facilities.

International  International news in general
Support Follow Afrik-News on Google News