teresia njoroge

The Government of Nigeria has approved U.S $73m loan from the French Development Agency for a national urban water sector reform project in Kano state.

President Muhammadu Buhari who approved the loans during Federal Executive Council (FEC ) meeting said the project aims at addressing water supply challenges in Kano state and over 1.5m persons are expected to benefit from it.

“The project is to rehabilitate and build the infrastructure needed to increase access to water services to the population in greater Kano and to help improve key sector reforms to ensure the sustainability of the project,” said President Buhari.

Kano Water project

“The Kano state ministry of water resources through a state management committee will implement the project. The federal government will be lending it to Kano state at the same terms of conditions,” he added.

Upon completion, the million dollar project will improve access to quality water and also increase the financial viability of the Water Board by increasing its revenue and enhancing its governance framework.

The loan granted for the facility will be paid at an interest rate of 1.02% with a repayment period of 20 years and a seven-year moratorium period. A 0.25% fee for appraisal and a commitment fee of 0.25% will be included. Minister of Finance, Zainab Ahmed described  the loan as a very low-cost facility.

Source: https://constructionreviewonline.com/2019/03/nigeria-approves-u-s-73m-for-water-project-in-kano-state/amp/

Looks like pike a good deal.