Niger Gets $86.64m Islamic Bank Loan For Minna-Bida Road
Niger State government has been given $86.64 million loan by the Islamic Development Bank (IsDB), for the reconstruction and upgrading of the 82-kilometer Minna-Bida road.
The administration of Governor Abubakar Sani Bello started the process of securing the credit facilities about three years ago before awarding the reconstruction of the road to Dantata and Sawoe Company last year.
A statement by the chief press secretary to the governor, Mary Noel Berje, yesterday said the board of executive directors of the bank gave the approval of the loan at its 341st meeting held on the sidelines of the IsDB Group Board of Governors’ 2021 Annual General Meeting in Tashkent, Uzbekistan.
According to the statement the board approved funds totaling $110.14 million for three new development projects in infrastructure, water and sanitation as well as education to be executed in Nigeria (Niger State), Guinea and Sierra Leone.
The government said the upgrading of the Minna-Bida Road Project, which is already in progress, is expected to contribute to the socioeconomic development of the state through the establishment of safe, efficient and cost-effective interconnections not only between local government areas in the state but also amongst states of the Northern and South Western parts of the country.
The statement said the governor appreciated with gratitude effort of the IsDB for the timely approval of the funds stressing that it will hasten the completion of the road project in accordance with specifications and on schedule.
The governor reiterated that the 82-kilometer Minna-Bida Road project, on completion, will reduce travel time, vehicle operating costs, road maintenance cost, improved traffic flow as well as increased road safety.