The Federal Government is set to secure a $160million loan from the Africa Development Bank (AfDB) to support power transmission, it was learnt yesterday.
The Minister of State for Power, Hajiya Zainab Ibrahim Kuchi, had announced that the government was sourcing funds for its power transmission projects outside the budget, to boost electricity supply.
Last year, the Federal Government secured $309 million from the Exim Bank of China to fund 75 per cent of 700mega watts -Zungeru Hydroelectric power project contract, which is being implemented by a Chinese consortium, CNEEC-Sino Hydro.
Mrs Kuchi said: “The source of the funding is from an arrangement with Exim Bank of China for the 75 per cent of the cost while counterpart funding balance of $309 million is currently available with the ministry.”
The minister, however, added that since the project would be implemented through counterpart funding, the Federal Government would provide the 25per cent balance
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