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Nigeria holds $5.8 bln foreign loans in yet-to-disburse escrow accounts ~DMO

By on February 22, 2021 0 99 Views

The Debt Management Office (DMO) has said that the country has a pool of about $5.83 billion foreign loans that have been approved but not yet disbursed.

In a statement posted on its website, the debt office said the yet to be disbursed facilities are collated as of December 2020 but fail to provide any reason for holding back the disbursement of the loans for the targetted projects.

The DMO stated in a table titled “EXTERNAL LOANS SIGNED BUT YET TO BE DISBURSED AS AT DECEMBER 31, 2020,” that the loans include facilities from the African Development Bank (AfDB), Export Import Bank of China, Agence Francaise de Development, European Development Fund and International Development Asociation.

The bulk of the facilities was provided by IDA, a member of World Bank Group, which the country is already indebted to the tone of $3.27 billion..

Around $1.25 billion loans was provided by the Export-Import Bank of China. Nigeria currently owed China around $3.2 billion as of the last count.

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Agence Francaise de Development portion of the loans include about 500 million Euros and the European Development Fund from where the country will collect about $425 million.

Projects to be financed by the loans include Nigerian Supply of Rolling Stock and Depot Equipment for Abuja Light Rail Project, the Nigerian Greater Abuja Water Supply Project, Nigerian National Information Communication Technology Infrastructure Backbone Phase II Project; Four Airport Terminals Expansion Incremental Project, the Nigerian Four Airport Terminals Expansion Ancillary Project.

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