IFC Offers N20.8 Billion Loan to Finance 2 Bus Corridors in Lagos
The International Finance Corporation (IFC), a member of the World Bank Group, has partnered the Lagos State Government to support the development of two bus corridors in the metropolis.
Through the partnership, IFC is providing a $50m local currency loan (N20.8billion) to help Lagos develop, finance, upgrade and operate two bus corridors totalling eight kilometers in the Abule Egba-Command and Ile Iwe-Ile Epo neighbourhoods; two of the most densely populated and congested parts of the state.
Over 150,000 passengers are expected to benefit per day in a bid to expand access to sustainable urban transportation and reduce vehicle emission in the state.
In January, 2019, IFC sealed a partnership with the Lagos State Government to provide advisory services to enhance infrastructure development and strengthen the state’s long-term financial sustainability.
On the latest partnership, the Commissioner for Finance, Dr Rabiu Olowo, explained that the bus corridor development was part of Lagos State’s Bus Reform Initiative which aimed to provide world-class affordable public transport for residents.
IFC’s senior country manager for Nigeria, Kalim M. Shah, pointed out that it was important that people had access to affordable and environmentally sustainable transportation as urbanisation accelerates.