CHINA DEVELOPMENT BANK APPROVES $255M LOAN FOR KANO-KADUNA RAILWAY PROJECT
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CHINA DEVELOPMENT BANK APPROVES $255M LOAN FOR KANO-KADUNA RAILWAY PROJECT
China Development Bank has approved a $254.76 million loan to Nigeria to support the completion of the Kano-Kaduna railway project.
This development comes ahead of a scheduled visit by China’s Foreign Minister, Wang Yi, to the West African nation this week.
As part of his annual New Year tour of Africa, Wang Yi will arrive in Nigeria on Wednesday and meet with President Bola Tinubu and senior government officials on Thursday, according to the Nigerian Ministry of Foreign Affairs.
The 203-kilometre (126-mile) standard-gauge railway, which connects Kano, a key northern city, to the nation’s capital Abuja, has faced delays due to funding challenges.
The project is estimated to cost $973 million.
In a statement on its website, China Development Bank said the newly approved loan would facilitate the smooth progress of the railway’s construction.
Once completed, the railway is expected to provide a safe, efficient, and convenient transportation link, consequently benefiting local residents.
The Kano-Kaduna railway is a key component of China’s Belt and Road Initiative and is being constructed by the China Civil Engineering Construction Corporation.
CREDIT: VANGUARD NEWS
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