The China Development Bank (CDB) has announced the approval of a €245 million ($254.76 million) loan for Nigeria’s Kano-Kaduna railway project, marking a significant financial boost for its development.
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| ‘China’s Development Bank approves first loan of $254.76 million for Nigeria’s Railway Project’ |
The 203-kilometer standard-gauge railway will connect Kano, a key city in northern Nigeria, to the nation’s capital, Abuja. Upon completion, the railway is expected to provide a safe, efficient, and convenient transportation option for local residents.
In addition to enhancing connectivity, the project aims to spur the growth of industries along its route and generate substantial employment opportunities for Nigerians.
The Kano-Kaduna railway is part of the practical cooperation projects under the Third Belt and Road Forum for International Cooperation. It is being constructed by the China Civil Engineering Construction Corporation (CCECC), with funding from the CDB.
According to the CDB, the project is advancing steadily, and the bank plans to work closely with Nigerian authorities to ensure seamless loan disbursement and effective project management in subsequent phases.
China Development Bank Approves First Loan for Nigeria’s Railway Project
The China Development Bank (CDB) has announced the approval of a €245 million ($254.76 million) loan for Nigeria’s Kano-Kaduna railway project, marking a significant financial boost for its development. pic.twitter.com/8wDpkOhdh9
— State House Abuja, Nigeria (@asovilladigital) January 8, 2025
