Delta Assembly approves Okowa’s request to borrow N500m
(Nigeria) Delta State House of Assembly on Tuesday approved
Governor Ifeanyi Okowa’s request to borrow N500 million from Fidelity Bank Plc
to finance climate change projects.
Majority Leader, Mr Tim Owhefere, moved the motion to
empower the governor to borrow the money and was seconded by Mr Timi Tonye,
representing Patani Constituency.
The request is contained in a letter read by the Speaker,
Chief Monday Igbuya, during plenary session.
Okowo said the loan would enable the state pay its
counterpart contribution in order to access World Bank ecological fund.
The governor said that the state approached the World Bank
to access its ecological fund.
``It is my pleasure to inform the House that the World Bank
has expressed its willingness to grant the state access to the World Bank
Ecological Fund for the execution of special climate change and various ecology
projects.
``Consequently, the state government intends to obtain a
N500 million term loan facility from Fidelity Bank Plc to meet its counterpart
contribution required to access the fund.
``And Fidelity Bank has also indicated its readiness to
offer to the state, the loan facility. And to access the loan, is however,
based on the pricing and conditions, and one of such conditions is the
resolution of the State House of Assembly granting approval for the loan,’’ he
said.
Okowa also said that the State Executive Council had also
approved the request during its meeting held on February 16.
He appealed to the House to facilitate the approval of the
loan to enable the state access the grants as soon as possible.
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