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Kogi redirects $100million loan request to AfDB

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AfDB



The Kogi state government had redirected its request for $100 million loan request from World bank to African development Bank AfDB.

Addressing newsmen Thursday in Lokoja, the state commissioner for information and communication strategy, Kingsley Fanwo said that it was far from the truth insinuations from some quarters that the state government had dropped the idea of the loan request saying that government only redirected it’s request to AfDB.

He said that the loan which had been approved by the National Assembly was aimed at positioning Kogi State and indeed Nigeria as the food corridor of Africa and an industrial hub.

The State Commissioner said that the decision of the state to move the deal to the African Development Bank from the World Bank was in the best economic interest of the State.

The Kogi State Staple Crops Processing Zone and Agricultural Modernization Project is aimed at making the state the food corridor of Africa and to also make the nation’s biofuel plan a reality.”

Fanwo said: “Since the State will no more be taking the facility from the World Bank, it was only normal that it is removed from the World Bank list and added to that of the AfDB

He hailed the: “Gallant show of the Kogi spirit by legislators from the state who showed how to legislate for growth and development”, saying the floor of the National Assembly has become a place where “true lovers of Kogi people are now legislating for our growth and progress.

“We give special commendation to Sen. Smart Adeyemi for rising to the occasion to lead his Distinguished and Honorable colleagues to speak in defence of the economic interest of the good people of Kogi,” Fanwo noted.

It will be recalled that the Kogi State Government had requested for a loan of $100m to establish a food processing zone and to modernize her agricultural processes.

The request has been approved by the National Assembly.

The project is expected to create over 2 million direct and indirect jobs.

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