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FG approves $3.45 billion loan application for power and girl empowerment projects




The Federal Executive Council has approved a 3.45 billion loan application to finance the power and renewable energy sector, as well as to expand the Adolescent Girls Initiative for Learning and Empowerment (AGILE) project.

The announcement was made by Mr Wale Edun, the Minister of Finance and the Coordinating Minister of the Economy, following the Council Meeting held on Monday in Abuja.

Mr. Edun explained that these five loans come with a 40-year tenure and a 10-year moratorium period, featuring low-interest rates.

He said,

The Minister stated that an amount of $700 million is anticipated to fund the expansion of the Adolescent Girls’ Initiative for Learning and Empowerment project, which is now being extended to eleven additional states.

The Adolescent Girls Initiative for Learning and Empowerment, (AGILE) Project is geared at improving secondary education opportunities for adolescent girls aged between 10 and 20.

In his words,

Mr Edun also highlighted that a significant portion of the loan encompasses funding for the Women’s project, an additional initiative aimed at enhancing their skill levels and providing support for financial inclusion.

He explained that,