The Infrastructure Bank Plc has raised N50 billion as first tranche of the proposed N167 billion funding for the rehabilitation of the Lagos-Ibadan dual carriageway.
Managing Director of the bank, Adekunle Oyinloye made this known at the official signing of a Memorandum of Understanding, MoU, with four commercial banks, yesterday, in Lagos. The banks are Access Bank, Ecobank, Diamond Bank and Standard Chartered Bank Plc.
According to him, the N50 billion represented 30 percent of the proposed N167 billion and a successful closure of the tranche one for the rehabilitation, reconstruction and expansion of the 127 kilometre dual carriageway.
Oyinloye explained further that the Infrastructure Bnak was a leading consortium of local and international financiers and investors that provides the required funding to complete the project within 24 to 30 months.
He added that the Federal Government had done its part financially to ensure the successful execution of the project and equally formalised its engagement of The Infrastructure Bank as the transaction adviser and lead finance arranger for the project.
He therefore urged the banks to be committed to the tranche two, a balance of N117 billion, for the project. He added that funding under the second tranche will commence in six months.
The road, according to the managing director, will also be redesigned to have features such as parks, conveniences and toll-ability, to ensure that it stood the test of time.
Support InfoStride News' Credible Journalism: Only credible journalism can guarantee a fair, accountable and transparent society, including democracy and government. It involves a lot of efforts and money. We need your support. Click here to Donate