Chinese Bank Approves $254.76m Loan For Railway
The China Development Bank (CDB) has granted a loan of 245 million euros ($254.76 million) for the construction of the Kano-Kaduna railway project in Nigeria.
A statement by the bank on Tuesday said the move was to provide financial support for the smooth progress of the project.
The Kano-Kaduna railway, with a total length of 203 kilometres, is a standard-gauge railway. Once completed, it will provide direct rail connectivity between Kano and Abuja.
“This railway will also promote the development of related industries along the route. The construction and operation of the project will create numerous job opportunities in Nigeria.
“The Kano-Kaduna railway project has been included in the list of practical cooperation projects for the Third Belt and Road Forum for International Cooperation,” the statement partly said.
The project is being constructed by the China Civil Engineering Construction Corporation (CCECC) with financing support provided by the CDB.
The CDB stated that in the next phase, it will work closely with the Nigerian side to ensure the continued disbursement of loans and effectively manage the completion of the work.
