The first tranche of a $255 million loan for the Kaduna-Kano railway project has been approved by the China Development Bank (CDB).
The bank revealed this on Tuesday, asserting that the loan will provide crucial financial backing to ensure the smooth construction of the transportation initiative.
The construction is being handled by the China Civil Engineering Construction Corporation (CCECC) with financial backing from the CDB.
“The Kano-Kaduna railway spans a total of 203 kilometers and is designed as a standard-gauge railway.
“Upon completion, it will establish a direct rail link between Kano, a key city in northern Nigeria, and the capital, Abuja, providing residents with a safe, efficient, and convenient transportation option,” ,” the statement noted.
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Beyond enhancing mobility, the bank highlighted that the project is expected to drive economic development along the railway corridor, generate employment opportunities, and boost related industries.
The CDB also stated that the Kano-Kaduna railway project is part of the practical cooperation initiatives under the third belt and road forum for international cooperation.
Construction is progressing smoothly, the bank said, reaffirming its commitment to collaborating closely with the federal government to ensure proper fund disbursement and effective management of subsequent phases of the project.
