NewsWest AfricaAfrican Development Bank says could consider $400 mln loan for Nigeria

Sat,18Nov2017

Posted on Wednesday, 01 November 2017 17:11

African Development Bank says could consider $400 mln loan for Nigeria

By Reuters

Money from the AFDB would be redirected to specific projects in Nigeria. In this photo, Felix Okilo clears refuse at the back of his wooden house in the Ajegunle area of Lagos, June, 2005. Photo: GEORGE OSODI/AP/SIPAThe African Development Bank said on Tuesday it could consider an additional $400 million for Nigeria to support its growth and recovery efforts and was in talks with the government on how to help it reinvigorate Africa's largest economy.

 

The bank had been in talks with Nigeria for around a year to lend $400 million, the second tranche of a $1 billion loan, to shore up the country's budget deficit.

On Monday, a vice president at the bank, Amadou Hott, told Reuters that the money was no longer for budget support and would instead be redirected to specific projects.

Specific projects

Hott is vice president for power, energy, climate change and green growth.

In a statement on Tuesday, the bank said: "An additional $400 million in support could be considered, if requested and approved by the Board, as part of a larger coordinated effort with other development partners, including the World Bank and the International Monetary Fund."

The lender did not say whether the money that could be released would be in the form of budget support.



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