NBET, TCN get $473 million facility from AfDB to boost power sector

The Nigerian Bulk Electricity Trading (NBET) Plc and the Transmission Company of Nigeria (TCN) are to enjoy a $473 million loan facility from the African Development Bank (AfDB), which will be divided into $273 million and $200 million for NBET and TCN respectively, BusinessDay reports.
Babatunde Fashola, the minister of power, works and housing, who said this Thursday in Abuja when he met with a delegation from the International Monetary Fund (IMF), also noted that all arrangements for securing the funds have already been concluded.
Fashola, who was represented by the minister of state, power, works and housing, Mustapha Baba Shehuri, explained that the support in loan agreement in the sum of $273 million has been earmarked to provide partial risk guarantee for the off-taker (NBET), while the sum of $200 million will be channeled to TCN for its grid upgrade plans.