Thursday, March 9, 2006

Nigeria gets N90b loan from China

AS a direct fallout of the visit to China by three key ministers, Nigeria has secured a $200 million loan from that country for the execution of its communication satellite project.

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The facility, to be funded by the China Export-Import Bank, was concluded last month by the Minister of Finance, Dr. Ngozi Okonjo-Iweala, her counterparts at the Power and Steel and Justice, Liyel Imoke and Bayo Ojo.

The loan is being secured for a nine-year tenure, with an interest rate of 3.08 per cent.

The team also discussed the possibility of sourcing funds for the execution of projects in the resuscitation and improvement of the railways and further developments in the power sector.

Towards this, negotiations have been opened on the funding while both nations are studying the modalities for executing such projects.