Chinese EximBank Cuts Loans for Lagos-Ibadan Railway [DETAILS]
Rotimi Amaechi, Minister of Transportation, said that the Chinese EximBank that initially promised to provide 85 per cent of the funds for the Lagos-Ibadan rail project, has reduced its exposure by some seven percent. The ground-breaking for the standard gauge rail project, which will stretch to the Apapa Port was done by Vice President Osinbajo in early March. The Federal Government has paid N60 billion for the project, Amaechi today spoke about a challenge with the counterpart fund. He said that the Chinese EXIM Bank was to fund 85 per cent of the project initially, but it was currently funding 78 per cent. He said that the bank insisted it would not pay for land, survey and tax, stating that with the current foreign exchange rate and the extension of the rail to the ports, the project could not be completed as scheduled in 2018. Amaechi made this known today during a turbulent meeting with four committees of the House of Representatives, which threatened to cut funding for...