- The loan will provide needed funding to ensure the smooth construction of the transportation initiative
The Nigerian government has secured $255 million loan for the Kaduna-Kano railway project.
China Development Bank, CDB, approved the $255 million loan which is the first tranche financing backing for the project on Tuesday.
In a statement by CDB on Tuesday, the loan will provide needed funding to ensure the smooth construction of the transportation initiative.
The railway is on the list of practical cooperation deliverables released during the third Belt and Road Forum for International Cooperation in 2023.
According to CBD, the railway project has been making steady progress, so far, adding that going forward, it will closely coordinate with Nigerian partners to ensure the smooth disbursement of subsequent loans and effective post-loan management.
The Kaduna-Kano railway, which is about 203 kilometres in total, once completed, would provide a direct rail connection between Kano and Kaduna.