FG’s gives more details on borrowing plans

The Federal Ministry of Finance has given further details of the proposed $29.960 billion foreign loans designed to address infrastructure deficit in the country.

In a press statement by the Special Assistant Media to the Minister, Mr. Festus Akanbi, “the external borrowing plan is a three-year-plan covering proposed projects for 2016 – 2018. As such, the borrowings will be phased over the three year-period.

“The borrowings are highly concessional (non-commercial), with low interest rates and long tenors.

“The funding is being sought from multilateral institutions including the World Bank, Africa Development Bank (AfDB), Islamic Development Bank (IDB), Japan International Co-operation Agency (JICA) and China EximBank.

“The planned Eurobond issuance in the international capital markets is the only commercial source of funding”.