Only prudently managed states can access foreign loans, says Edo govt vanguardngr.com vanguardnews
L-R: Managing Director and Co-Founder, Azura Power Team, Mr. David Ladipo; World Bank Executive Director, African country sub-group, Mr. Seydou Bouda; Edo State Governor, Mr. Godwin Obaseki; andCommissioner for Wealth Creation, Cooperatives and Employment, Hon. Emmanuel Usoh, during the inspection of the Edo-Azura Power project, by 10 World Bank Executive Directors in the state, recently.
In a statement, Special Adviser to the Edo State Governor on Media and Communication Strategy, Mr. Crusoe Osagie, said the state government prioritises sustainable development and judicious use of state funds, which is what has enabled it to promptly access the low-interest credit from multilateral organisations.
According to him, “Foreign credits usually come with single, lower digit interest rates, ranging from one to five per cent. They carry many years of moratorium, that is, a period within the tenure of the loan when the borrower is not required to make repayment. This gives the borrower more time to bring development to the people and therefore increase the capacity to repay the loan.
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