President Tinubu has secured a $255m Chinese Loan.
NaijaOnPoint Nigeria reports that the China Development Bank (CDB) has approved the first tranche of a $255 million loan for the Nigerian government’s Kaduna-Kano railway project.
This was disclosed in a statement by CDB on Tuesday.
The loan, according to the China Development Bank, will provide crucial financial backing 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.
CBD said 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 spans through 203 kilometres in total, once completed, would provide a direct rail connection between Kano and Kaduna.