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BREAKING: London-based Bank offers $11bn funding for Lagos-Calabar Coastal Rail

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The Federal Government on Saturday said the London based Standard Chattered Bank has agreed to fund the Lagos-Calabar coastal rail project to the tune of $11bn.

TheNewsGuru.com, TNG reports that the project was estimated to cost $14.4bn leaving the government with a balance of $3.4bn to complete the project.

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This was revealed by the Minister of Transportation Chibuike R. Amaechi in a statement on Saturday.

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According to him, the proposed rail line upon completion will pass through Calabar, Uyo, Aba, Port Harcourt, Yenagoa, Otuoke, Ughelli, Warri, Sapele, Benin, Agbor, Asaba, Onitsha, Ore, Ijebu Ode, Sagamu and Lagos.

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“London-based Standard Chartered Bank offers to fund the Lagos-Calabar coastal rail with $11bn of the $14.4bn needed to build the project.

The railline will pass through Calabar, Uyo, Aba, Port Harcourt, Yenagoa, Otuoke, Ughelli, Warri, Sapele, Benin, Agbor, Asaba, Onitsha, Ore, Ijebu Ode, Sagamu and Lagos!,” the minister’s statement on Saturday reads.

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More details soon…

 

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