Nigeria’s Senate has approved the China Development Bank’s proposal as the new lender for the Kaduna-to-Kano railway project, at a revised cost of $973 million. This was reported by the Nigerian media, which recall that the other Chinese lender, Exim Bank, withdrew from the project in 2020.
In 2020, Parliament had in fact approved the Exim Bank of China as the lender of the railway project at a cost of 22.8 million dollars.
The lower house of the Nigerian parliament has also approved the new lender, which will grant a 15-year loan to the railway project at an interest rate of 2.7%. [Da Redazione InfoAfrica]
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