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FG To Get $508m Loan To Execute Erosion Projects - Politics - Nairaland

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FG To Get $508m Loan To Execute Erosion Projects by bruno419(m): 7:26pm On Sep 01, 2014
Mr Chikelo Nwune, National Coordinator, Nigeria
Erosion and Watershed Management Project
(NEWMAP) said International Development
Association (IDA) would support Nigeria with
508.59 million Dollars (about N82.3 billion) loan
for its erosion control projects.
Nwune, who made this known at a news briefing
on Monday in Abuja, said that the projects would
be funded in eight years under the loan
arrangement otherwise known as “Strategic
Investment Loan (SIL)”.
He said that the first phase of the projects
would target gully sites in seven states in the
country and listed the states as Edo, Anambra,
Abia, Ebonyi, Cross River, Enugu and Imo.
“The loan consists of 500 million dollars from
the International Development Association (IDA)
concessional loan blended with Global
Environment Facility (GEF), and the Special
Climate Change Fund (SCCF) grant totaling 8.59
million dollars.
“The government of Nigeria’s contribution would
amount to approximately 150 million dollars.
“This amount comprises of a Federal cash
contribution of 70 million dollars and in-kind
contribution of 24 million dollars for staff, office
cost and payment of cash compensation for
resettled people.
“Also, the amount will comprise an in-kind
contribution by each state of approximately 8
million dollars, totaling 56 million dollars for
staff and office costs and pre-feasibility designs
of intervention sites,” he said.
He explained that contribution by the states to
the financing of the project was an agreed
criterion for project participation.
Nwune added that additional funds of 150 million
dollars would come as counterpart funding from
the Federal Government and the participating
states, saying that the funds could be in cash or
kind.
He said that work on the projects would follow
due process of awarding contracts and that work
would commence on them in October.
The Coordinator also said that 17 states had
indicated interest to participate in the NEWMAP
project, and assured that more states would be
added to the current benefiting ones when the
project would be fully on stream.
“The project has been designed to be carried
out in four components to address aggressive
gully and other environmental degradations in
the participating states.
“Component one is targeted at environmental
education to sensitise people on environmental
land degradation and for them to use available
resources to further control deterioration while
enhancing their livelihood.
“The component two seeks to build the capacity
of relevant Ministries, Department and Agency
(MDAs) to address the problem, while the third
component would focus on development of
renewable energy.
“The fourth component is the project
management – Managing Information System
(MIS), and the impact evaluation process,’’ he
said.
According to him, more than 17 MDAs are to
partner the Federal Ministry of Environment to
implement the project.
Nwune further stated that the projects were
designed to lead between 2.5 million and three
million people out poverty by 2020.
He said, “2. 2 million people are targeted and
will gradually reach 2.6 million by the closing of
the project in 2020 and about 4.2 million by
2042, being 30 years after the project
effectiveness.
“The benefits of the project will accrue to
majority of the population indirectly and will
relate to reconnected transport corridors,
reduced downstream siltation, support for
improved storm water planning and reduced
flooding.
“Other benefits are improved disaster risk
preparedness and enhanced agricultural
productivity,” he said.
He stated that sustainability of the investment
would be reinforced by strengthening
institutions and information services across
sectors and states.
According to Nwune, all that will include support
to improved governance, regulatory compliance,
environmental monitoring, impact evaluation,
watershed and land-use planning.
“By doing so, the project will raise awareness
and capacity to promote long-term climate
resilient low carbon development,’’ he said.
NAN reports that NEWMAP is part of President
Goodluck Jonathan’s agenda to reduce
vulnerability of soil erosion in the country,
especially in the South East.

source: www.vanguardngr.com/2014/09/fg-get-508m-loan-execute-erosion-projects/
Re: FG To Get $508m Loan To Execute Erosion Projects by egift(m): 8:06pm On Sep 01, 2014
Embezzled already grin

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