The loan, which is offered under the World Bank’s special facility for infrastructural development, has been approved by the Federal Executive Council (FEC) of Nigeria.
Dora Akunyili, minister of information and communications, Nigeria, said: “In line with the administration’s desire to improve power generation in the country, and following a memo on the above subject matter by the minister of finance, council considered and ratified Mr president’s anticipatory approval to obtain the IDA credit in the sum of $200m for the proposed Nigeria electricity and gas improvement project and $100m for partial risk guarantee.”
As reported, the approval is in line with the federal government’s desire to ensure the provision of stable electricity in the country. The loan is repayable over a period of 40 years, with 10 years period of grace.
