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Nigeria : NIGERIA to get $300m credit facility from AfDB for numerous key projects.

The Board of Directors of the African Development Bank (AfDB) Group has offered their approval for a $300 million loan facility in order to support the Transport Sector and Economic Governance Reform Programme and the Nigeria Country Strategy Paper (CSP) between 2013 and 2017.

According to AfDB, the loan is intended to help the Government of Nigeria to speed up the execution of transformation measures in the sectors of transportation, governance and management of public expenditure.

The bank has stated that the transformation moves comprise the formation of a Federal Road Authority, National Road Maintenance Fund, Road-Tolling Policy and Axel Load Control Policy.

Under the public financial management restructuring move, the scheme will see implementation of International Public Sector Accounting Standards (IPSAS), Internal Audit Modernization Plan, Treasuring Single Account (TSA), Government Integrated Public Financial Management (GIFMIS) and Transparency and Compliance in Procurement and Audit Practices.

It is an integral part of a broader set of interventions of the bank designed to support Nigeria s Transformation Agenda with emphasis on economic governance and infrastructure development, said AfDB.

The Country Strategy Paper outlines the bank s engagement and assistance to the Federal Republic of Nigeria.

The bank added, It will focus on two strategic pillars, namely supporting the development of a sound policy environment, and investing in critical infrastructure to promote the development of the real sector of the economy.

The lender opined, The strategy is aligned with the Government s long-term development agenda. The AfDB has also inked $57.66 million loan deal on Friday for food security project in Horn of Africa.

This project is for global Drought Resilience and Sustainable Livelihoods Program (DRSLP) in the Horn of Africa. The program, which will be implemented in segments, will see $3.04 billion support from the Kenyan Government as well. The Phase-1 of the project will be started in Djibouti, Ethiopia and Kenya this year.

During the deal signing ritual, the bank s Regional Director for the East Africa Resource Centre (EARC) - Gabriel Negatu has explicated that the whole project will include eight nations in the Horn of Africa (HoA) in the coming 15-year period, together with Eritrea, Somalia, South Sudan, Sudan and Uganda, on top of the three countries under the Phase-1.

Negatu stated, It is necessary to have all the countries in the program because if one country has better water, pasture and livestock services, the pastoralist will move there and his could lead to overgrazing, transmission of trans-boundary animal diseases and conflicts.

The next phase is expected to start as soon as funds are available for the remaining countries. This could be as early as end of 2013.

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Publication:Mena Report
Geographic Code:6NIGR
Date:Mar 4, 2013
Words:453
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