Faced with paucity of funds, the federal government is considering taking loans from multilateral organizations such as the World Bank and the African Development Bank, ADB, to fast track its road development programme.
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The Minister of Works, Arc. Mike Onolememen, told journalists in Abuja, yesterday, that concessionary loans from such organizations were better than taking commercial loans from Nigeria's money and capital markets where interests remained high.
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His words: "The World Bank gave us $330 million for the rehabilitation of some roads and this went a long way in improving the quality of our roads.
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We are also looking at how the African Development can come in.
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"We are currently looking at some roads that can be financed by the multilateral organizations.
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Their facilities are better, especially the concessionary loans which have no interest but just charges of only about 0.5 percent.