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President Muhammadu Buhari

African development bank approves one billion dollars loan for 2016 budget management with interest rate

The African Development Bank has approved $1 billion dollars loan for the deficit management of the nation’s 2016 budget with less than 1.3 percent interest rate.

The ADB has also approved various funding portfolios for the country between now and 2017 to the tune of $4.1 billion that will increase to $10 billion in 2019.

These approvals were revealed to newsmen today by the President of the African Development Bank, AKINWUNMI ADESINA after his meeting with members of the Federal Government’s economic team.

In the meeting which was presided over by Vice President, YEMI OSINABJO, ADESINA said the organization is driving another $100 million dollars into the Bank of Industry to assist SME’s and an additional $500 million dollars to the power sector, infrastructures and social interventions for women to push up liquidity flow in the economy.

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