The Federal Government on Tuesday signed ₦78bn ($500m) Memorandum of Understanding with the Xian Electric Engineering Company Limited of China for the execution of transmission projects in the power sector.
The Minister of Power, Prof. Chinedu Nebo, said the loan was negotiated by the Minister of Finance, Dr. Ngozi Okonjo-Iweala when President Goodluck Jonathan visited China recently. The ₦78billion, a loan obtained from the China Exim Bank, will be used for the construction of power transmission infrastructure across the country.
Prof. Nebo said the Chinese Exim Bank is going to give us a concessionary loan in this regard and we are going to get the best possible interest. The Minister of Finance, Dr. Okonjo-Iweala, had negotiated it and brought it up to the Chinese Exim Bank during the presidential state visit to China.