AfDB approves $300 million for Nigeria’s transport, agriculture sectors - kenyadetails

The African Development Bank (AfDB) has approved US$300 million loan to Nigeria for transport network, infrastructure, agriculture and the power sector between 2013 and 2017, Mr. Ousmane Dore, Resident Representative of the bank told journalists on the bank’s 2013 to 2017 strategic paper, on Friday in Abuja.

“The Board of Directors has just approved the budget loan to support the expansion of existing transport networks and improve public financial management systems in the sector,” he said.

He said that the country’s strategy paper was anchored on two pillars of creating a sound policy environment and investing in critical infrastructure.

According to him, the paper is aligned with the long term development agenda of the new administration as outlined in Vision 20:2020 and the Transformation Agenda.

He noted that the paper was also aligned with the country assistance framework currently developed by the donor community in Nigeria.

On the first pillar of creating sound policy, he said that focus would be on policy dialogue; analytical works and technical assistance while the second pillar of infrastructure development would focus on improved fiscal discipline and effectiveness of public expenditure.

On the energy sector reform, he said that the bank would support the privatization process with 50 million dollars through its partial risk guarantee instrument.

“The expectation is that the bank would mobilse additional funds into the sector to support sustainable reforms and transformation of the sector.

“As a comparative advantage, the bank is on record for mobilising an additional four dollars for every one dollar it invests.

“It is expected that with an investment of 50 million dollars, the bank will mobilise some additional 200 million dollars. The net effect on such transactions is extensively beneficial to member countries,” he added.

Dore said that the bank till to date had invested N142 million (US$1.2 million) to support water and sanitation in Nigeria especially in the area of rural water and sanitation programmes.

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