The Nigerian Commissioner for Information, Godwin Udeuhele, on Thursday, announced that the Enugu State Executive Council has used part of a $50 million loan secured from the French Development Agency (AFD) to restore water infrastructure in the state.
During the first phase of the scheme for which the loan will be used, water supply in Enugu urban will be boosted. Nsukka urban will follow in the second phase. 12 other states are also involved in the scheme.
Commenting on the facility, the Commissioner for Water Resources, Charles Egungbe, said it was released in January 2017 and is expected to be paid back over 20 to 50 years from now, comes with a 2% interest rate and a 10-year moratorium period.
“Government is very cautious when it comes to accepting facilities, but because of the water situation in this city, we decided to participate. This project involves the expansion of the main water lines in this city and a total overhaul of key water facilities of Ajali and Oji River because these are the main areas,” he said.
Egungbe added that aside boosting water supply, the loan will ensure that the corporation derives revenue from the project.
Anita Fatunji
EBID aims to allocate nearly 41% of its commitments to environmentally and socially impactful projec...
BCEAO mandates all financial institutions to complete integration Move aims to ensure seamless, i...
Flutterwave secures Nigerian banking license to offer credit and savings License enables direct d...
This week, Africa’s health outlook is shaped by mounting supply chain risks tied to global tensions,...
M-PESA evolves into major financial platform with 35 million users Telecoms, fintechs expan...
Ethiopia rolling out nationwide EV charging network, EEU says First phase includes 40 stations, mainly in Addis Ababa Plan supports rapid EV growth,...
Angola issues $185 million bonds to recapitalize TAAG Move aims prepare airline for partial privatization, attract investors Restructuring...
PETROCI raises 200 billion CFA francs to fund Baleine project Financing supports Phase 2 expansion, prepares launch of Phase 3 Project boosts...
Senegal launches solar-plus-storage projects to boost grid stability Diass project adds first battery system, backed by KfW, AFD Linguère...
Sungbo Eredo, located in southwestern Nigeria near the Yoruba town of Ijebu-Ode, stands as one of the most remarkable yet overlooked monuments of...
“Dodji, l’Archet Vodoun” is a documentary about reconnecting with ancestral culture to understand one’s origins, following an initiation ceremony that...