CORRECTED-Nigeria’s Senate approves new Chinese bank for rail project

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(Corrects amount in 2nd paragraph and clarifies borrowing plan)

ABUJA, April 4 (Reuters) – Nigeria’s Senate has approved
China Development Bank as new financier for the country’s
Kaduna-to-Kano rail project at a revised cost of $973 million,
after another Chinese lender withdrew from the project in 2020,
lawmakers said on Tuesday.

Parliament had in 2020 approved China’s Exim Bank as
financier for the rail project which was lumped under the
government’s external borrowing plan of $22.8 billion, before
the bank withdrew from it.

Nigeria’s lower house of parliament has also approved the
new financier, which will grant a 15-year loan to the rail
project at an interest rate of 2.7%.
(Reporting by Camillus Eboh
Writing by Chijioke Ohuocha
Editing by Alexander Smith)

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