The Managing Director, Nigerian Ports Authority (NPA), Mohammed Bello-Koko, on Wednesday signed the Mandate Letter to secure a $700m Citibank loan to be funded by the UK Export Finance, UKEF.
The loan, if eventually formalized, will be used to fully rehabilitate the Apapa and TinCan Island Ports to enable them accommodate modern cargo handling equipment and expand the ports’ capacities.
In line with fiscal principles, the Mandate Letter will be sent to the Ministers of Marine and Blue Economy, Finance & Coordinating Minister, and the Debt Management Office for review and final approval before disbursement of the loan to the NPA.
According to the Authority’s management, discussions to modernize Calabar, Rivers, Onne and the Escravos Breakwater ports of are ongoing and will soon be concluded.
Bello-Koko commended the Minister of Marine and Blue Economy, Adegboyega Oyetola, for his support which helped the management in signing the Mandate Letter.
