January 08, (THEWILL) – The China Development Bank has approved a €245 million ($254.76 million) loan to support Nigeria’s Kano-Kaduna railway project.
The bank disclosed this in a statement published on its website on Tuesday.
“The bank has recently granted a loan of €245 million to the Kano-Kaduna railway project in Nigeria, providing financial support for the smooth progress of the project,” it said.
It added that the 203-kilometre standard-gauge railway will connect Kano, a major northern commercial hub, to the nation’s capital, Abuja.
While construction is being handled by China Civil Engineering Construction Corporation, with CDB financing the initiative after replacing the China Exim Bank, which initially withdrew from the project, the bank reaffirmed its commitment to collaborating with Nigerian authorities for the efficient disbursement of funds.
“Going forward, [the CDB] will closely coordinate with Nigerian partners to ensure the smooth disbursement of subsequent loans and effective post-loan management,” it assured.
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