FG TO STOP DEPENDING ON CHINESE LOANS TO FUND RAIL PROJECTS –AMAECHI

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Minister of transportation, Rotimi Amaechi says the federal government is negotiating a mix of loans from Chinese and European leaders to support the country’s numerous railway projects.
According to Amaechi, standard chartered has committed to contribute $3.02 billion to the ongoing Port Harcourt-Maiduguri railway project, stressing that the government is in discussions with standard chartered plc to replace earlier plans to obtain loans from Chinese banks for two rail projects.
However, Amaechi stated that they have always sought financing from every possible source. “We are waiting for the Chinese for only the Ibadan-to-Kano railway,” he said, adding, “if the Chinese don’t show up in the next few months, why shouldn’t we approach European banks to fund the Ibadan-to-Kano railway?” I’ll bring it up with the finance minister.”
The minister, who appeared at a press conference organized by the presidential communication team on Friday, also stated that the government expects credit Suisse to fund the Kano-Maradi line, which will connect the northern states of Kano, Jigawa, and Katsina.
This comes after the minister said that the Kaduna-Kano train line will be inaugurated within the next two weeks.

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