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NIGERIA : Enugu State to build $1.6b monorail line
Publish Date : 28-Oct-2011
The Enugu State government has announced plans to build a 117 Kilometre-long monorail line.
The State Governor, Sullivan Chime, at the presentation of the project to the Urban Development Bank of Nigeria (UDBN) Plc. in Abuja, announced that the state government will have to spend $1.6 billion dollars towards this project.
According to him, this monorail transport system will be safe, self-sustaining and feasible economically. By facilitating the state to access part of the bank’s N10billion Public Mass Transit Revolving Loan Scheme, he recommended the UDBN to associate with the state government and its technical partner, Globim Trans International of Canada.
The project to be executed in total six phases, has the capacity to generate around 4,000 new jobs. Project’s initial phase is scheduled for completion between 20 to 24 months from the date of financing.
The Managing Director of UDBN, Adekunle Oyinloye stated, that under the Loan scheme within the last year the bank had approved over N8billion loans. He further revealed that the bank was ready to associate with all willing state governments for meeting their infrastructural requirements like water, roads, waste management, rural mobility and tourism.
