CONSTRUCTION OF LOKOJA-SHINTAKU BRIGDE: FG, JB Plc Agree Over Alternative Funding Structures

..... Expresses hope that with the immense financing capacity, relationships and lengthy records of the firm in arranging financing for projects in the African continent, the project target will be accomplished. 

..... Emphasizes the need for the timeline for the procurement process to be streamlined so that construction of the project can start and be completed on time. 

Nigeria's Minister of Works, Engr. David Umahi on Tuesday in Abuja revealed that his Ministry and and the management of the country's leading construction company, Julius Berger Nig Plc have concluded discussions on alternative financing structures for the construction of Lokoja-Shintaku bridge in Kogi State.

According to the Special Adviser on Media to the Minister in a statement, "This was part of the decision reached during the meeting held between the Minister and  the representative of Julius Berger Plc and Business Development Strategist, Filipe Nuno Lopes, and the development partners - Deutsche Bank represented by the Director, Structured Trade & Export Finance Middle East & Africa, Humaya Harati alongside the Bank's Chief Country Representative in Nigeria, Andreas Voss.

The meeting took place in the Office of the Minister, Federal Ministry of Works Headquarters, Mabushi-Abuja.

The Minister, during the discussion, stressed that the step was part of the measures of the Ministry in bridging the gap in road infrastructure funding. 

He expressed hope that with the immense financing capacity, relationships and lengthy records of the firm in arranging financing for projects in the African continent, the project target will be accomplished. 

Umahi emphasized the need for the timeline for the procurement process to be streamlined so that construction of the project can start and be completed on time. He described the discussion as a credible path to the eventual financing of the project.

The representative of Julius Berger Plc and team lead, Mr. Filipe in his speech, assured that with the Certificate of No Objection issued by the Bureau of Public Procurement to the single source procurement of the bridge from Julius Berger Plc, the Lokoja- Shintaku project would be moved forward.