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Tuesday, 13 September 2016

FG, states benefit from N12bn French loans, grants

The most vulnerable of the urban population in Lagos are among beneficiaries of a N4 billion loan procured by the Lagos Government. Part of the loan is meant for enhancing the management and treatment of solid waste as well as strengthening the capacities of the State Government to implement integrated urban development projects. Details of the projects released by Hugo Pierrel, the Acting Country Director, of the Agence Francaise de Developement, AFD, (French Agency for Development), as part of its annual report also indicates that there was another loan of $33 million for an Ogun State Urban Water Supply Project, targeted at increasing the coverage steadiness and the quality of water supply in the State capital (Abeokuta). It is also aimed improving the financial viability of existing water utility, and the governance of the water sector in the state. The signing of the two sovereign loans was done March 2015. In October 2015, there was the signing of a financing agreement with Guaranty Trust Bank (GTB) to guarantee loans to SMEs for a total amount of N3 billion (about E13.6 million).

Source: today.ng