Abuja — Nigeria has secured a $747 million syndicated loan, led by Deutsche Bank, to finance construction of the first phase of its planned 700-km (435-mile) coastal highway project, the finance ministry said on Thursday.
Finance ministry spokesperson Mohammad Manga said the loan is the first of its size for road infrastructure in Nigeria.
Deutsche Bank acted as global coordinator in the syndicate, which includes First Abu Dhabi Bank, African Export-Import Bank, Abu Dhabi Exports Office, ECOWAS Bank for Investment and Development, and Zenith Bank.
The initial section of the highway financed by the loan spans 47.47 km, Manga said. The entire project is expected to cost around $11 billion and be completed in about eight years.
The highway will eventually link the commercial capital, Lagos, to the southeastern port city of Calabar.
($1 = 1,523.4800 naira)
*Camillus Eboh; Elisha Bala-Gbogbo; editing: Joe Bavier – Reuters
