Lagos Acquires Urban Development Credit Facilities Worth N30.6 Billion from France

This is second developmental assistance the state is receiving within June 2017, as the World Bank renewed its partnership with the state earlier in the month.

A French financial institution, Agence Française de Développement (AFD) has released a grant of $100 million (N30.6 billion) for the Lagos State Government to aid the implementation of its integrated urban development projects, Eko Urban Project (EKO-UP).

Commissioner for Economic Planning and Budget in Lagos state, Mr Akinyemi Ashade disclosed that the Federal Executive Council had approved the credit facility which will forward be channelled towards developing strategic infrastructural facilities in the state.

He also revealed that the state government had s

ecured the right of way for the expansion of Alapere-Abgoyi-Ketu road, as this would greatly ease traffic congestion along the busy road and another metropolis in the Lagos.

Mr Ashade also stated that part of this loan would be used

“to enhance the management and treatment of solid waste in Lagos State. A sum of $53 million has been earmarked for the construction of new waste management infrastructure that will be managed by the Lagos State Waste Management Authority (LAWMA).”

Other areas in which the fund would be channelled include the various slums area development. He disclosed in the regard: “the slum upgrading programme “is being coordinated by the Lagos State Urban Renewal Authority in Ifelodun and Bariga LCDAs. Proposed investments include the construction of drainage infrastructure, roads, street lighting, schools and public health care centres.”

Under this slum upgrade programme, the state plan constr

ucting a detention basin the Ifelodun LCDA which home the popular Ajegunle (AJ) city. As a result, about 2,260 households will be resettled and compensated.

This is second development grants coming to the Lagos state government within this month (June 2017). Earlier in the month, the World Bank renewed its partnership with the state and also expressed satisfaction with the pace of urban renewal and infrastructural developments in the state.

Mr Joaquim Levy, the Managing Director/Group Chief Financial Officer of World Bank Group, who led the delegation on a courtesy visit to Governor of state, Mr Akinwunmi Ambode stated that the programme of the state government implies it care about achieving development and improving the standard of living of the people.

Some of the projects the global body promise to give both technical and financial assistance include water provision, energy sector, education and water transportation.

 

 

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