Chinese Bank Approves $254.76m Loan To Support Kano-Kaduna Railway

The China Development Bank (CDB) on Tuesday announced the approval of a $254.76m (€245m) loan to support the Kano-Kaduna railway project in Nigeria.

The Chinese bank made this known in a press statement issued on Tuesday, January 7 and made available to newsmen in Abuja.

According to the CDB, the financial backing is expected to ensure the seamless continuation of the construction work.

Gistmania reports that the Kano-Kaduna railway has been listed as a practical cooperation project under the Third Belt and Road Forum for International Cooperation to be executed by the China Civil Engineering Construction Corporation and financed by the CDB.

According to the bank, construction is progressing well and also reiterated its commitment to working closely with the Nigerian government to ensure the disbursement of funds and effective management of the next phases of the project.

It said on its website, “China Development Bank released on Tuesday that the bank has recently granted a loan of 245m euros ($254.76m) to the Kano-Kaduna railway project in Nigeria, providing financial support for the smooth progress of the project.”

“The railway, a standard-gauge line stretching 203 kilometres, will link Kano, a key commercial city in northern Nigeria, to the nation’s capital, Abuja. Once operational, it will provide residents with a safer and more efficient mode of transport, improving regional connectivity.

“In addition to easing transportation, the project is expected to spur economic growth by fostering the development of industries along its corridor.

“It is also set to create numerous employment opportunities during its construction and subsequent operations.”

Posted: at 8-01-2025 01:01 PM (4 months ago) | Addicted Hero

Can you imagine, china use that money to create more job opportunities for jobless nigerans, abeg wetin be train, who and who dey enter train,they are doing train in areas filled with bandits and terrorists  

Posted: at 8-01-2025 01:05 PM (4 months ago) | Hero

 

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Posted: at 8-01-2025 07:34 PM (4 months ago) | Addicted Hero