FG approves $1.3bn loan for development banks

Federal Executive Council has approved credit facilities of $1.3bn for the newly-established Development Bank of Nigeria.

Finance Minister, Kemi Adeosun says with FEC’s approval, government will now seek the National Assembly’s approval before loans will be accessed.

A breakdown of the credit facilities according to Adeosun indicates that the World Bank will give $500m repayable over 21 years, and the African Development Bank will provide $450m.

German government-owned KfW Development Bank will give $200m while the French Development Agency will give $130m.