Nigeria’s lawmakers said on Tuesday that it have approved China Development Bank as new financier for the Kaduna-to-Kano rail project at a revised cost of $973 million.
It will be recalled that in 2020 Parliament approved China’s Exim Bank as financier for the rail project at a cost of $22.8 million, before the bank withdrew from it.
Currently, China through its lending institution, the Exim Bank of China, is owed the largest amount of debt. As of the end of December 2022, Nigeria’s debt to China stands at $3.63 billion (N1.66trn).
The new deal approved by the lower house will grant a 15-year loan to the rail project at an interest rate of 2.7%.
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