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FG, states benefit from N12bn French loans, grants

FG, states benefit from N12bn French loans, grants
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The most vulnerable of the urban population in Lagos are among beneficiaries of a N4 billion loan procured by the Lagos Government. Part of the loan is meant for enhancing the management and treatment of solid waste as well as strengthening the capacities of the State Government to implement integrated urban development projects.

Details of the projects released by Hugo Pierrel, the Acting Country Director, of the Agence Francaise de Developement, AFD, (French Agency for Development), as part of its annual report also indicates that there was another loan of $33 million for an Ogun State Urban Water Supply Project, targeted at increasing the coverage steadiness and the quality of water supply in the State capital (Abeokuta).

It is also aimed improving the financial viability of existing water utility, and the governance of the water sector in the state.

The signing of the two sovereign loans was done March 2015.

In October 2015, there was the signing of a financing agreement with Guaranty Trust Bank (GTB) to guarantee loans to SMEs for a total amount of N3 billion (about E13.6 million).

In December 2015, there was the signing of “a financial agreement with the Federal Government of Nigeria to contribute to the set-up of the Development Bank of Nigeria (DBN), for the improvement of access to finance for small and medium size enterprises (MSMEs). This project, which is co-financed by the World Bank, EIB, AfDB and KfW, benefits from AFD a total contribution of $130 million,” the AFD boss added.

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Other projects around the world listed under the 2015 Annual Report of the Agence Francaise de Developpement (AFD), which Pierrel released last week in a document all came to E8.3 billion euros.

Pierrel disclosed that 2015 was a record year for AfD, adding that Sub-Saharan Africa remained the priority of AFD in the year.

The document added: “Financing in this region reached a record amount of EUR 3.1 billon, which represents 38 per cent of AFD’s commitments, a six per cent increase compared to 2014. Sub-Saharan Africa accounted for 81 per cent of the financial efforts of France in 2015. More than half of the projects supported by AFD in Sub-Saharan Africa involve the development of infrastructure, access to essential services, growth of sustainable cities, family farming, the preservation of natural resources and the development of job-creating enterprises.

Strengthening human capital via education, vocational training, social protection and health are our other key sectors of operations in Sub-Saharan Africa. In September 2015, AFD adopted a five5-year Sahel Regional Action Plan. This specific strategy of operations will be implemented in consultation with NGOs on three priority areas: employment, demography and the integration of territories.

“Throughout the year, AFD demonstrated that there are concrete solutions, reconciling the climate and development, to address the challenges of climate change, which concern the entire planet. 2015 was a landmark year for the climate in AFD as 55 per cent of AFD’s financing had positive impacts on the fight against climate change.”

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