Subscribe & Follow
Advertise your job vacancies
Trending
Jobs
- Electrical Assistant Nelspruit
- Electrical Construction Operator Level 1 Nelspruit
- Electrical and Mechanical Assistant Paarl
- Team Leader Hermanus
- Junior Construction Foreman Mossel Bay
- Industrial Designer Cape Town
- Industrial Engineer Cape Town
- Expediting Administrator - Engineering Sector Johannesburg
China Development Bank releases $255m for Nigeria rail project
China Development Bank has released a $254.76m loan to Nigeria for a railway project linking the two northern states of Kano and Kaduna, the bank said, ahead of a visit to the West African country by China's top diplomat this week. As part of his annual New Year tour of Africa, China's foreign minister Wang Yi will arrive in Nigeria on Wednesday and meet President Bola Tinubu and senior government officials on Thursday, Nigeria's foreign affairs ministry said.
People walk past a booth of China Development Bank during the 2022 China International Fair for Trade in Services (CIFTIS) in Beijing. Source: Reuters/Tingshu Wang
Construction of the Kaduna-to-Kano rail project, which is expected to cost $973 million, has been slowed by funding delays.
China Development Bank said in a statement on its website that the loan would provide financial support for the smooth progress of the 203km standard-gauge railway.
"Once completed, it will provide direct rail connectivity between Kano, an important northern city in Nigeria, and the country's capital Abuja, offering local residents a safe, efficient, and convenient mode of transportation," the bank said.
Nigeria's parliament first approved China's Exim Bank as financier for the rail project in 2020 but the bank later withdrew.
Belt and road
The Kano-Kaduna railway project is part of China's Belt and Road Initiative and is being constructed by China Civil Engineering Construction Corporation.
It is also expected to ease movement of people and goods in a region, where road travellers face attacks from armed gangs who kidnap for ransom.
China is among Nigeria's largest bilateral lenders, providing loans for roads, rail and power stations.
Related
Minister Creecy sets out logistics, rail investment plans 3 Mar 2025 African online retailer Jumia sees growth despite Chinese competition MacDonald Dzirutwe 25 Feb 2025 From crisis to renewal: How private investment can turn South Africa’s freight challenges around Mark Evans 17 Feb 2025 Capital markets bolster Murray & Roberts with R130m for business rescue efforts 21 Jan 2025 Corobrik using cautious optimism as key to success in 2025 16 Jan 2025 SA can learn from top trends in the global rail industry Erick Wessels 21 Nov 2024 Now is the time for the property sector to re-think riskCatchwords 24 Oct 2024 Binance executive denied bail in Nigeria money laundering case MacDonald Dzirutwe 14 Oct 2024
Source: Reuters
Reuters, the news and media division of Thomson Reuters, is the world's largest multimedia news provider, reaching billions of people worldwide every day.
Go to: https://www.reuters.com/
