The World Bank has approved a loan of $350 million to the Kaduna State government to support its Development Policy Operations (DPO).
The State Commissioner of Finance, Suleiman Abdul-Kwari, made this known on Friday in Kaduna.
Speaking with Channels TV, Abdul-Kwari said the World Bank granted the loan following a satisfactory assessment of the state’s developmental agenda and challenges.
He said the loan, which would be used to finance infrastructural development such as building and rehabilitation of schools, hospitals, and roads among others, is before the National Assembly for final approval.
The commissioner said he is optimistic that the projects to be funded by the loan would engender economic growth, increase revenue generation, and create employment opportunities for the people.
He said the credit facility has an attractive low financing rate of 0.5 percent interest, a moratorium of 10 years, and a 50-year repayment term.
Abdul-Kwari explained that the World Bank approved the loan after the state government met the various conditions laid down by the financial institution, which include putting in place institutional framework for transparent and accountable budgetary and financial purposes.
He said he is also hopeful that the National Assembly would soon approve the loan to enable the state tackle some of its infrastructural deficits.