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FG signs $500m aviation infrastructure loan agreement with China

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Written by  Shola adekola – Lagos Friday, 12 July 2013 00:00

The Federal Government of Nigeria has signed a $500 million loan agreement with the Chinese government for the construction of four new international airport terminals in Abuja, Lagos, Port Harcourt and Kano.

The agreement is one of many others and MoU’s signed in Beijing, China during a two-day visit to the country by President Goodluck Ebele Jonathan.
The commencement of construction work on the terminals had beenon hold pending the formal signing of the loan deal which would be financed by the Chinese EXIM Bank.

Reacting to the development, Coordinating Minister for the Economy/Finance Minister, Dr Ngozi Okonjo-Iweala said the Federal Government was very elated that the loan deal for the financing of the construction of the terminals has finally been sealed.

She said airports, being the gateways to the country were critical, not only as drivers of the socio-economic development of Nigeria, but also an outward reflection of the character of any nation.

She added that developing airport and aviation infrastructure was therefore a major priority to the Federal Government, and commended the leadership of President Jonathan for pulling off such a remarkable milestone with the Chinese authorities. She said the simultaneous construction of four international airports would create employment and other value chains that would help to grow and expand the frontiers of the Nigerian economy.

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Taken from Nigerian Tribune: http://tribune.com.ng/news2013/en/component/k2/item/16498-fg-signs-$500m-aviation-infrastructure-loan-agreement-with-china.html

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This entry was posted on July 12, 2013 by in News Articles and tagged , , , , , , , .
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