FG secures $500m aviation infrastructure loan from China

The Federal Government has finally signed a $500m loan agreement with China for the construction of four international airport terminals in Abuja, Lagos, Port Harcourt and Kano.

The loan, which was one of many agreements and Memorandum of Understandings signed by both countries, was approved in Beijing on Wednesday as President Goodluck Jonathan formally commenced a two-day state visit to China.

A statement signed by the Special Adviser (Media) to the Minister of Aviation, Mr. Joe Obi, said the commencement of construction work on the terminals had been on hold pending the formal signing of the loan deal, which will be provided by the China EXIM Bank.

The Minister of Finance, Dr. Ngozi Okonjo-Iweala, said the Federal Government was elated that the loan deal for the financing of the terminals had finally been sealed.

The government, through the Federal Airports Authority of Nigeria, had in March stated that it was seeking to use the loan for the construction of four international airport terminals.

The Managing Director, FAAN, Mr. George Uriesi, had stated that construction work on the project sites would commence in June, but this was not so, as the funds were not forthcoming.

Uriesi said after the initial agreement between Nigeria and China last year, government officials had been doing the paperwork to figure out the details before the commencement of work by a Chinese construction company.

Okonjo-Iweala said airports, being the gateways to the country, were critical not only as drivers of socio-economic development, but also an outward reflection of the character of any nation.

She added that developing airport and aviation infrastructure was a major priority of the Federal Government, and commended the leadership of Jonathan for pulling off such a remarkable milestone with the Chinese authorities.

PUNCH