In the just concluded week, the Federal
Government further took another bold step, as regards its promise to deliver electricity to more households in Nigeria, as it signed a contract of the pre-engineering phase of the Presidential Power Initiative project (previously known as Nigerian Electrification Roadmap) with Siemens.
FG commenced this project in July 2019 when it signed a Letter of Agreement with Siemens AG on the Nigerian Electrification Roadmap which is meant to upgrade the country’s electricity network to achieve operational capacity of 25,000 megawatts from the current average of around 4,500 megawatts.
Hence, on July 29, 2020 the Federal Executive Council (FEC) approved the payment of EUR15.21 million (N6.94 billion) offshore and N1.71 billion onshore as part of government counterpart funding for the power deal to show commitment.
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Everest Amaefule
Nigeria has more than $5.83bn foreign loans that have been approved but not yet disbursed, the Debt Management Office has said.
The DMO on its portal on Sunday listed a number of foreign loans that were to be disbursed as of December 31, 2020.
The disbursement of the loans will take the country’s total foreign debt commitment to more than $37.8bn.
Our correspondent reports that the country’s external debt as of September 30, 2020 stood at $31.99bn.
The outstanding loans from the group stands at about $3.27bn.
Another $1.25bn is supposed to come from the Export-Import Bank of China. Apart from multilateral agencies, China has remained the nation’s largest creditor.
Nigeria, France collaborate to make power institute world class- DG nationalaccordnewspaper.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nationalaccordnewspaper.com Daily Mail and Mail on Sunday newspapers.
President Weah Extols Liberia-France Relations as He Receives Letters of Credence from Amb. Roux
Monday, 21st December 2020 Photo Credit: Executive Mansion
(Monrovia, Liberia):The President of Republic, H.E. Dr. George Manneh Weah, says France remains a key development partner of Liberia, acknowledging that relations subsisting between both countries continue to soar from strength to strength. Recounting France’s immense contribution to Liberia since his ascendancy to the presidency of Liberia, Dr. Weah said, “President Emmanuel Macron has kept every promise made in terms of development and the promotion of cordial diplomatic relations with Liberia”. The Liberian Leader made the assertion Monday, December 21, 2020 when he received Letters of Credence from the French Ambassador to Liberia, H.E. Michael Roux.
Asian Development Bank Railway Project
Posted by Patricia Kim | Dec 10, 2004
Even as China’s economic growth slows down, there is a severe shortage of freight cars to deliver coal, iron, ore, and oil to continue feeding the mass industry in China. China Economic Net’s Story on Freight Car Shortage Many developmental agencies, like the Asian Developmental Bank, are investing millions of foreign and domestic dollars to build new railways. ADB Report on $548 Million Railway Project in Yunnan Province However many human rights organizations are against the ADB and other such institutions, arguing that they are opening up China and other developing countries to resource extraction, human displacement, labor exploitation, and ultimately imperialistic domination by First World Countries. Click here to check out the Revolutionary Worker’s Campaign Against the ADB Projects in China