France and EIB participate in financing infrastructures in Nigeria

8 March 2010

The European Investment Bank has agreed a loan of 324.5 million Dollars to three Nigerian banks in order to finance infrastructure projects in Nigeria.

This involves the First Bank of Nigeria, the Guaranty Trust Bank, and Stanbic IBTC. They will be granting loans to companies to finance private infrastructure projects as or within the framework of public-private partnerships. Nigeria is also going to benefit from French assistance in financing its infrastructures.

Some weeks earlier France in fact announced the loan of 1.6 billion Dollars to the countries of the Economic Community of West African States.

French Ambassador Jean-Dumund declared that Nigeria was on the priority list of countries scheduled to benefit from the French aid programme due to its strategic position on the African continent, as the APA press agency reports.

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