China Development Bank grants loan to Nigerian railway

China Development Bank has recently granted the first tranche of a loan worth €245 million ($255 million) to support the Kaduna-Kano railway in Nigeria, which will provide crucial financial backing to ensure the smooth construction of the transportation initiative, the CDB said on Tuesday.

The railway is on the list of practical cooperation deliverables released during the third Belt and Road Forum for International Cooperation in 2023.

The railway project has been making steady progress so far, the CDB said, adding that going forward, it will closely coordinate with Nigerian partners to ensure the smooth disbursement of subsequent loans and effective post-loan management.

The Kaduna-Kano railway, spanning 203 kilometers in total, is set to provide a direct rail connection between Kano, an important northern city in Nigeria, and the country's capital Abuja upon its completion, according to the CDB.