US-EXIM Bank, AECOM Offer Support For $11.1bn Nigeria’s Coastal Rail Project

, Magazine

United States Export Import Bank (US-EXIM) in partnership with an American multinational engineering firm, AECOM, has offered to grant a loan to help Nigeria fund infrastructure development in the country.

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The US EXIM Bank indicated interest to finance a loan of up to 85 of 100 per cent of total project cost.  In accordance with the Organization of Economic Cooperation and Development Arrangement on official export credits, the foreign buyer is required to make a 15 per cent cash payment.

In addition to the 85 per cent, US EXIM Bank said it can support up to 30 per cent in local cost, that being in-country cost sourced in Nigeria that are vital to the project’s success. a portion of the skilled, semi-skilled and unskilled labour as well as the civil engineering for the physical infrastructure but want Nigeria government bilateral engagement with US Government either through US Embassy commercial Department or Ministry of finance.

AECOM, an American multinational engineering firm that provides design, consulting, construction, and management services to a wide range of clients and US-Exim-bank indicated interest in assisting federal government of Nigeria in Infrastructure development.

AECOM country infrastructure development Coordinator, Musa Ibrahim Kuchi had earlier submitted the company programme to Permanent Secretary of Ministry of Transportation, Zakari Sabiu.

The High Speed Rail was proposed for Coastal States corridor. Cutting travelling time 11 hours from Lagos to Calabar by road to less than 3 hours by bullet Train.

Additionally, recommendations were made in the submission to federal government of Nigeria to diversify the economy through rail infrastructure development by linking all Nigeria Port to the Coastal Rail Line network and to solid minerals and agriculture producing states in the country to stimulate export, including a rail port in Lekki-Lagos. As well as upgrading all the Coastal Port to combined capacity of 400m tpy.

AECOM a Fortune 500 company has approximately 87,000 employees and operates in 150 countries. With Major projects in China, Russia, UK and USA. AECOM Designed and supervised the Hefei-Fuzhou PDL in China. Project of Beijing to Fuzhou HSR which cuts the travel time between the capitals of the Anhui and Fujian provinces from eight hours to less than four hours, was important milestone in China’s national railway project as it was unprecedented to appoint a foreign consultant to provide professional construction supervision service. Some other hallmark project including One World Trade Center New York America. Crossrail London, is the largest construction project currently undertaken within Europe.

The Taizhou Bridge is an iconic build within China, with the tallest central pylon situated within its construction at 200 metres.

The bridge was built to accommodate six lanes and links several cities in order to cater for China’s growing population and developing economy, and Etihad Towers, UAE.