Infrastructure Development: FG Targets Funds From USIDFC

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President Buhari with U.S Treasury Secretary, Steven Mnuchin and Nigeria’s Minister of State, Petroleum Resources, Timipre Sylva, in Riyadh during the Future Investment Initiative (FII) forum on Wednesday, October 30, 2019.

The Federal Government is ready to explore more ways of funding the upgrade of critical infrastructure in the country.

President Muhammadu Buhari in connection with this expressed the willingness of the FG to mobilise additional capital from development finance institutions for the upgrade.

A statement signed by the Senior Special Assistant to the President on Media and Publicity, Garba Shehu, explained that Buhari made this commitment during his meeting with U.S. Treasury Secretary, Steven Mnuchin, on Thursday.

Buhari held a meeting with Mnuchin, in Riyadh, Saudi Arabia, on the margins of the Future Investment Initiative Forum, to discuss investments in Nigeria under the new U.S. financing initiative.

The President and Mnuchin also discussed areas of strengthening Nigeria’s ongoing collaboration with the United States on stopping terrorist financing.

According to the statement, President Buhari vowed that Nigeria will leverage on the U.S facility (USIDFC) to address current challenges confronting the power sector as well as the general upgrade of infrastructure.

United States International Development Finance Corporation (USIDFC), provides $60 billion for investments in developing nations.

The Nigerian leader also requested the continued support of the U.S. to Nigeria, especially in accessing the $60 billion infrastructure fund under the USIDFC.

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