The Federal Executive Council (FEC) has approved the request of $80 million loan from the Islamic Development Bank on behalf of the Ebonyi state government.
The Finance Minister said that the money would be used to finance the construction of the Abakiliki ring road project.
“While the federal government is the one borrowing from the bank, federal government will be unending this loans to Ebonyi State government.
“We have done our debts sustainability analysis that proves that Ebonyi state has the capacity to repay this loan which is provided on a basis of Libel plus and also long tenure for repayment.
“This Ebonyi ring roads connects 13 local governments in the state as well as the neigbouring Cameroon Republic. It is a major road that will provide access to the citizens in the state, to farmers, markets and will enhance economic activities in the state. And the neigbouring states will also benefit from this project.”