The Bank of Industry(BoI) in Nigeria Tuesday signed a 100 million-euro (99.5 million U.S. dollars) credit agreement with the French Development Agency (AFD) to finance projects to tackle climate change.
The 10-year credit facility for Nigeria is priced at 2.47 percent per annum with a four-year moratorium by mixing various confessional resources, Olukayode Pitan, managing director of the BoI, said at a ceremony here.
Pitan said the loan would be specifically focused on projects in renewable energy, low carbon and efficient energy generation, climate-smart agriculture technologies, clean urban transportation, among others.
Xavier Muron, AFD country's director in Nigeria, said at the ceremony that this new credit line was a milestone toward the achievement of the Paris Agreement and was timely since Nigeria looked forward to launching its energy transition plan.
Editor: Leon
