The second tranche of a $600 million World Bank loan granted to the Lagos State Government under a development policy operation (DPO) scheme for which it applied in 2010 was yesterday approved by the Senate.
The scheme, according to the borrowing plan, is to be implemented in three tranches by the state government. Accordingly, the first tranche of $200 million from the $600 million loan was obtained by the state in 2011. The second tranche will now be accessed in 2014. The $200 million grant is to be deployed for the construction of ultra- modern burns centre and cardiac and renal centre at the Gbagada General Hospital as well as the 27-kilometer light rail project along Lagos-Badagry Expressway Corridor to Marina.
The balance is to be used for the completion of $70 million gallon per day Adiyan Water Facility, among others.
According to the Chairman of the Senate Committee on Local and Foreign Debts, Senator Ehigie Uzamere, the projects to which the state government will apply the loan when fully implemented will enhance the socio- economic development of the state.
“Lagos state have reasonably justified their borrowings and have acceptable debt sustainability level and therfore could borrow and most of the projects which the loan would be used for have not only social benefits but. economic potential and revenue generation for repayment “ Uzamere told Senators at Wednesday’s plenary.
LEADERSHIP recalls that President Goodluck Jonathan had earlier written to the Senate requesting for the inclusion of Lagos state development policy operation into the 2012-2014 mid term borrowing plan for the second tranche of $200 Million development policy operation by the World Bank.


http://leadership.ng/news/051213/senate-approves-200m-world-bank-loan-lagos-water-rail-projects-1

Mynd_44: Finally these projects can become realities

aj1802001: see why Amaechi is a sad case of poor priorities and negotiation skills.