FG Recieves Loan Of $200 Million To Fund Agriculture

FG Recieves Loan Of $200 Million To Fund Agriculture
The Federal Government yesterday approved acceptance of International Development Association (IDA) credit facility amounting to $200 million for the financing of the Third National Fadama Development projects aimed at further boosting the nation’s Agriculture Transformation Agenda (ATA).
The approval to accepting the loan from IDA, an agency of the World Bank follows a memo to FEC by the Coordinating Minister of the Economy and Minister of Finance, Ngozi Okonjo- Iweala, seeking for the approval.
Information Minister, Mr. Labaran Maku; Minister of State for Finance, Dr. Yerimah Ngama and the Minister of Agriculture, Dr. Akinwumi Adesina, made the disclosures while briefing State House Correspondents after the weekly Federal Executive Council (FEC) meeting presided by President Goodluck Jonathan yesterday.
Also, Ngama said FEC approved the ratification of establishment of a branch of the African Export-Import Bank (AFREXIMBANK) in Nigeria, noting that “Nigeria is a founding shareholder of AFREXIMBANK and constitutes its market accounting for almost 50 percent of the Bank’s total lending portfolio of about $3billion.

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