ABUJA (Reuters) - Nigeria has obtained a $915 million concessionary loan from the World Bank to be drawn over the next five years to help fund infrastructure development, Finance Minister Olusegun Aganga said on Wednesday.
"The loan is (to be) drawn between 2010 to 2015 and only $180 million of it can be drawn this year," Aganga told reporters in the capital Abuja.
The loan has a 10-year grace period, 40-year repayment period and carries a 0.75 percent interest rate, Aganga said.
It was being taken by the federal government partly on behalf of 14 of Nigeria's 36 states, including the commercial hub Lagos, which has already issued around 100 billion naira of a 275 billion debt programme.
Reuters Africa
