The China Development Bank has announced the approval of a $254.76m (€245m) loan to support the Kano-Kaduna railway project in northern Nigeria.
The statement released on the bank’s website on Tuesday stated that the financial backing is expected to ensure the seamless continuation of the construction work.
“China Development Bank released on Tuesday that the bank has recently granted a loan of 245m euros ($254.76m) to the Kano-Kaduna railway project in Nigeria, providing financial support for the smooth progress of the project,” the statement said.
The railway, a standard-gauge line stretching 203km will link Kano, a key commercial city in northern Nigeria, to the nation’s capital, Abuja.
Once operational, it will provide residents with a safer and more efficient mode of transport, improving regional connectivity.
In addition to easing transportation, the project is expected to spur economic growth by fostering the development of industries along its corridor.
According to the report by Punch newspaper on Thursday, the rail project is also set to create numerous employment opportunities during its construction and subsequent operations.
GIK/APA