The Minister of Transportation, Rotimi Amaechi, has revealed further that the Chinese Government has refused to respond back to the President Muhammadu Buhari Federal Government, over its latest applications for more loans to develop the infrastructure in the country,
Earlier in the week, Page 36 had reported that the Minister of Transportation said that Nigeria is experiencing difficulties getting more loans from China, and is now looking to Europe.
However, when asked to confirm the authenticity of the report after Wednesday’s Federal Executive Council, FEC, meeting, Amaechi said: “Actually, that is why there is a delay. We were waiting on the Chinese to give us the loans we applied for, and till today, they have not replied. They kept delaying us – will the delay extend our tenure? The answer is no. We have gone to Standard Chartered Bank, and while they have done financial closure, they have approved some level of funding.
“We are also pursuing Port Harcourt-Maiduguri line with Standard Chartered Bank. The Lagos-Kano, part of it will come from Standard Chartered Bank, and part of it will come from some commercial banks in China.”
When asked to disclose the amount of money to be sourced from Europe, he stated: “I do not have that figure here, I have to go back to the office.
“Remember that we have about three railway projects that are yet to start construction, and they include the Port Harcourt-Maiduguri, Kano-Maradi, and then the Abuja-Warri.”
More news later…
