FG Secures $500m Aviation Infrastructure Loan from China

The Federal Government has finally signed a $500 million 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 yesterday 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, 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.