Lagos strikes $50m deal with International Finance Corporation

The Lagos State government has entered into a $50 million transport agreement with the International Finance Corporation (IFC) to develop two bus lanes between Abule-Egba-Command and lle Iwe-lle Epo.

The project measures eight kilometers and is designed to alleviate the transportation challenges associated with the axis.

Mr. Babajide Sanwo-Olu, the governor of the state, on Thursday unveiled the agreement with the International Finance Corporation.

According to him, “With the steady influx of people and businesses into Lagos State, our administration is constantly looking for ways to alleviate the transportation challenges faced by residents by seeking development partnerships.

“To this end, the Lagos State Government is partnering with the International Finance Corporation (IFC) to develop two bus lanes in the Lagos State metropolis. This collaboration will result in increased access to public transport and reduced vehicle emissions in Lagos.

Giving further details, the Governor said, “Through this partnership, IFC will provide a $50 million loan in local currency to help Lagos finance, upgrade and operate two bus lanes, measuring eight kilometers, in the Abule- Egba-Command and lle Iwe-lles communities of Epo, two of the most densely populated and congested areas of Lagos State.

“Many thanks to the IFC team, ably led by Ms. Linda Munyengeterwa, Regional Director Infrastructure Industry for the Middle East and Africa, for believing and integrating our THEMES program. We look forward to a mutually beneficial relationship.

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