RSS   Newsletter   Contact   Advertise with us

Nigeria signs 14bn capacity-building loan agreement with France

Staff writer ▼ | May 20, 2016
Nigeria has signed a N14 billion capacity-building and upgrade of power training facility loan agreement with the French Government.
Africa   President François Hollande was in Abuja
This was contained in a statement issued by Olivier Delefosse, Country Director, French Development Agency (AFD).

He said the Memorandum of Understanding (MoU) was signed during the recent visit of French President Francois Hollande to Abuja to attend the Second Regional Summit.

He explained that the agreement was signed between AFD and the Ministry of Finance in the presence of Hollande and President Muhamadi Buhari.

"A $46.2 million (about N13bn) subsidised loan granted by AFD to the Government of Nigeria, to enhance vocational training in the power sector, was signed. A $100 million (about N248bn) subsidised line of credit granted by AFD to Zenith Bank, dedicated to the financing of investments of electricity distribution companies (DisCos), was signed."

Delefosse stated that additional and paired financing agreements were signed by Mrs Laurence Breton-Moyet, AFD chief operating officer and a member of the AFD Executive Board.

"A 350,000 euro (about 120 million naira) Grant Agreement was signed between AFD, Schneider Electric Nigeria and National Power Training Institute of Nigeria (NAPTIN).

He said "The agreement aimed at implementing a Technical Partnership between Schneider Electric Nigeria and NAPTIN for the development of a flexible and affordable training program for freelance electricians."