AfDB and Government of Nigeria sign US $300 Million Loan Agreement for Transport Sector and Governance Reform


5 June 2013 – The African Development Bank (AfDB) announced on May 27 that it has signed a US$300 million loan agreement with the Federal Government of Nigeria, marking the beginning of yet another important relationship between the AfDB and Nigeria. The loan agreement to support the transport sector was signed by the Minister of Finance, Ngozi Okonjo Iweala, and the Resident Representative of the Nigeria Field Office, Ousmane Dore.

afdb-and-goverment-nigeriaThe US $300 million will be used as budget support for the Transport and Economic Governance Reform Program over two years. The program’s overarching development objective is to promote inclusive growth through strengthening road transport sector governance and greater transparency and accountability of public financial management. The loan shall contribute to the financing of the budget deficit for the fiscal years 2013 and 2014.

The Minister expressed appreciation of the Bank’s commitment towards sustainable development in Nigeria, saying that the funds will go a long way towards strengthening transport sector reforms.

For more information about AfDB activities and projects in Nigeria, go to http://www.afdb.org/en/countries/west-africa/nigeria/.

The African Development Bank (AfDB) is a regional multilateral development finance institution established in 1964 to mobilize resources towards the economic and social progress of its Regional Member Countries. Headquartered in Abidjan, Côte d’Ivoire, the Bank promotes economic and social development in African states, providing financing for programs and projects across the continent.  For more information, visit www.adbg.org.

Source: African Development Bank