By Stanley Onyekwere
Efforts geared towards securing a $300million loan for multi-sectorial development projects in the Federal Capital Territory (FCT) has reached advance stage as the African Development Bank (AfDB) engaged the beneficiary to fine tune the documents.
This was disclosed by Director, Nigeria country office of the AfDB, Engr. Tom Robert Mugoya, who led a team from the bank to the FCT minister of state, Oloye Olajumoke Akinjide, to fine tune the necessary document needed to facilitate the loan from the Central Bank of Nigeria (CBN).
According to him, besides fine-tuning the document to facilitate the loan from CBN, the bank was ready for partnership in other sector of the economy like energy transmission project, water and sanitation projects for improved life for FCT residents.
He added that the bank’s decision to visit the FCT Administration was sequel to instructions from the Federal Ministry of Finance that the Satellite Towns Development Agency (STDA) is in dire need of finance to execute critical projects that would make life better for the residents and lift the status of the satellite towns as a whole.
The delegation said AfDB was prepared to work with FCT Administration in order to reduce infrastructural deficit in the Territory’s rural areas by facilitating the processes in procuring the $300 million loan that is pending before it for STDA.
“Our coming here is to know where we are in this project and how we can help in the documentation, what are they gaps and how we can close those gaps, once we do the preparation process, then, we will launch the project,’’ he explained.
In her response, the FCT minister of state said FCTA was keen to work harmoniously with the bank to hasten the procedure that would lead to the accessing the loan and delivery of the projects.
Akinjide noted that most of the FCT residents live in the slums from where they come into the city, to work and earn a living for themselves; and because they contribute to the economy of the Territory, it was incumbent on the FCTA to develop these areas.
She says: “There is a need to develop the slums to contend with the population moving into the city we are very eager to pursue this project to a logical conclusion.”