…AfDB approves $10m loan to boost fund’s portfolio in Africa***
The Niger State office of the Department of Petroleum Resources (DPR) was razed by fire on Tuesday
It was learnt that the fire which occurred on Monday evening was caused by electrical spark.
Addressing journalists after the incident in Minna, the state Operations Controller of DPR, Engr. Abdullahi Isah Jankara, said the fire began from the internet and inverter room and razed four offices.
He said it took the efforts of fire fighters from the state Fire Service to put the fire under control.
“The offices affected included the Account office, Head of Gas office, Head of Downstream office and the room for inverter and internet services,” Jankara said.
He said several items which had not been ascertained at the time of filing this report were damaged in the four offices.
“We have a lot of documents as related to license processing and products scheduling intact because they were all kept in my office.
“The inverter is gone and all the internet facilities are burnt. We are still taking the inventory to know the exact number of items damaged by the fire,” the operation controller added.
Meanwhile, the Board of African Development Bank (AfDB) has approved a 10-million dollar loan for African Local Currency Bond Fund (ALCBF) to boost its portfolio in Africa.
Mrs Olivia Ndong-Obiang, the Principal Communications Officer in AfDB, disclosed this in a statement in Abuja on Tuesday.
She said that the ALCBF was also approved by the Bank to promote the development of domestic capital markets in Africa and had a tenor of seven years with a two-year grace period.
The ALCBF loan, according to her, would improve access for non-sovereign issuers to long-term funding in local currency, reduce currency and maturity mismatches and increase local financial intermediation.
“The fund will catalyse investments in critical sectors such as renewable energy, housing, health, education, the financial sector and agriculture in line with the bank’s High five priorities.
The bank’s High five priorities are Light up and Power Africa, Feed Africa, Industrialise Africa and Improve the quality of life for the people of Africa.
“This will ultimately help grow private sector financing through capital markets,” she said.
The ALCBF was incorporated in December 2012 by German Development Bank on behalf of the German Federal Ministry of Economic Cooperation and Development.
“The fund has invested in Botswana, Ghana, Kenya, Zambia, Lesotho, Senegal, Côte d’Ivoire, Nigeria, Uganda, Malawi, Gabon and Togo.
“As of December 31, 2017, the fund had made 27 investments across 19 companies and in 10 currencies,” Ndong-Obiang said.
Additional report from Nation
