Federal Govt. approves $1bn loan from China Exim Bank

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China Exim Bank

The Federal Executive Council (FEC) has approved the financing of the Gurara Hydro Power Project II by the Forum on China-Africa Cooperation (FOCAC) to the tune of one billion dollars.

The Minister of Water Resources, Alhaji Suleiman Adamu disclosed this when he briefed State House correspondents at the end of the council’s meeting, which was presided over by President Muhammadu Buhari.

According to him, the Gurara II power project has the potential of 360 Megawatts of electricity.

“On the need to explore the potentials of the Gurara II Hydro Power Project, which has the potential of 360 Megawatts of electricity, Council approved for us to take this project to FOCAC for possible financing by the China Exim bank at the cost of about a billion dollars.

He said the Council also approved a revised cost of the project to N5.7 billion for the completion of Nkari Dam in Akwa Ibom State.

He said: “On the need to complete Nkari dam in Akwa Ibom State, we sought approval for a revised estimated total cost of the project and this was approved at about N5.7 billion.’’

He further disclosed that the Council approved the appointment of a consultant for the supervision of Gari Irrigation Project in Kano and Jigawa States, which hitherto abandoned for 17 years.

He also said Cabinet gave approval for the Rise Estimated Total Cost for completion of Ile-Ife dam in Osun State at the cost of N10.4 billion.