The Federal Executive Council (FEC) on Wednesday, January 13, approved $200 million World Bank loan for Lagos.
This information was made by minister of information, Lai Mohammed and his power, works and housing counterpart, Babatunde Fashola.
The ministers said that the approved loan was part of a $600 million loan granted by World Bank for roads and other infrastructural development projects in the state, The Nation reports.
The first batch of $200 was approved in 2010 and other subsequent batches were reportedly halted by the immediate past administration for political reasons.
The minister of information said: “We just finished the Federal Executive Council meeting and the major item which will be of interest was the Council’s approval of the memo put forward by the Minister of Finance to obtain additional $200 million loan from International Development Association (IDA), which is a window of the World Bank in support of the Lagos State development policy operation.” Mohammed added that the new approval will allow the state to complete it promising projects.
Commenting on the loan, Fashola said that the $200 million loan was a segment of a total sum of $600 million loan for developmental initiatives in Lagos which was approved in 2010.