By Ken Chiwendu
The China Development Bank has announced the approval of a $254.76m (€245m) loan to support the Kano-Kaduna railway project in Nigeria.
The loan is expected to ensure ” smooth progress of the project”according to a post on its website on Tuesday..
It said “China Development Bank released on Tuesday that the bank has recently granted a loan of 245m euros ($254.76m) to the Kano-Kaduna railway project in Nigeria, providing financial support for the smooth progress of the project.”
Construction of the railway began in mid – July 2021.
The railway, a 204km standard-gauge line is part of the 1,343km Kano – Abuja railway project.
When operational, the railway will provide residents with a safer and more efficient mode of transport, improving regional connectivity.
The Railway is also expected to to ease transportation, boslter economic growth and
create numerous employment opportunities .
The project is being executed by the China Civil Engineering Construction Corporation and financed by the CDB.
According to the bank, construction is progressing well. The CDB reiterated its commitment to working closely with the Nigerian government to ensure the disbursement of funds and effective management of the next phases of the project.
The Bank noted, that going forward, it will closely coordinate with Nigerian partners to ensure the smooth disbursement of subsequent loans and effective post-loan management.”
As part of its commitment,the Federal Government has allocated about N44.4bn in the 2025 budget for the completion of the Abuja-Kaduna Railway project, Lagos-Ibadan railway, and other railway projects across the country.
