Development Bank, and harmonised terms on the 2016-2018 Federal Government’s external borrowing plan for the project.
The upper legislative chamber also approved relevant conditions provided in the harmonised term sheet, which includes Kaduna-Zaria-Kano segment, China Development Bank as the financier, 15 years as maturity with 2.7% and six months Euribor as interest rate as well as 0.4% as commitment fee and 0.5% as upfront fee, respectively.
The lawmaker recalled the communication from the Federal Ministry of Finance requesting the approval of modifications to the financing proposal for the Nigerian Railway Modernisation Project occasioned by the COVID-19 pandemic whereof China Exim Bank withdrew its support to finance the project.
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