Ebonyi State Secures US$70m Loan from AfDB

• Ebonyi State Secures $70m Loan from AfDB

Ebonyi State has secured US$70 million loan from African Development Bank Group for a road project, the bank stated.

In a statement released on Friday, the bank said it would provide US$40 million of the total loan, while Africa Growing Together Fund would contribute another US$30 million.

It further stated that the Islamic Development Bank would provide a loan of US$80 million, while Ebony State Government would add the remaining US$17.60 million in a project estimated at US$167.60.

The loan would cover the rehabilitation and asphalting of a 51 km road between Nwezenvi and N’Doko, and part of the corridor between N’Doko and Ezzamgbo spanning 38.91 km, the bank stated.

The project is expected to be completed in five years.

“The project attests to the African Development Bank’s commitment to improve the quality of life of Africans by improving accessibility and road safety in its member countries,” it stated.

The financial institution said it has been financing project in Africa’s largest economy Nigeria since 1972 and had since provided a total credit of US$630 million in financing the sector, including a US$69.9 million facility through the private sector.