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ABUJA (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 at a cost of $22.8 million, 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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