The China Development Bank, CDB, has announced the approval of a loan amounting to €245 million (approximately $254.76 million) to finance the ongoing Kano-Kaduna railway project in Nigeria.
According to a statement from the CDB’s website, the funding is expected to facilitate the uninterrupted progress of construction work on the rail line stretching 203 kilometers and connecting Kano to Abuja.
The statement read: “China Development Bank (CDB) released on Tuesday that the bank has recently granted a loan of 245 million euros ($254.76 million) to the Kano-Kaduna railway project in Nigeria, providing financial support for the smooth progress of the project.
“The Kano-Kaduna railway, with a total length of 203 kilometers, is a standard-gauge railway. Once completed, it will provide direct rail connectivity between Kano, an important northern city in Nigeria, and the country’s capital Abuja, offering local residents a safe, efficient, and convenient mode of transportation.
“This railway will also promote the development of related industries along the route. The construction and operation of the project will create numerous job opportunities in Nigeria.
“The Kano-Kaduna railway project has been included in the list of practical cooperation projects for the Third Belt and Road Forum for International Cooperation. This project is being constructed by China Civil Engineering Construction Corporation, with financing support provided by the CDB.
“Currently, the project is progressing smoothly. The CDB stated that in the next phase, it will work closely with the Nigerian side to ensure the continued disbursement of loans and effectively manage following work.”
