FG, Julius Berger Agree on Alternative Funding for Lokoja-Shintaku Bridge

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The Federal Government and Julius Berger construction Plc have agreed on alternative funding structures for the construction of Lokoja-Shintaku bridge in Kogi State.

This was part of the decision reached during the meeting he held with 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 and the bank’s Chief Country Representative of Nigeria, Andreas Voss at the Minister’s office, Mabushi-Abuja.

The Minister of Works, Sen. Dave Umahi revealed this after a meeting of the management of the Ministry with the management of Julius Berger Plc in Abuja on Tuesday.

In a statement issued by the Special Adviser on Media to the Minister, Orji Uchenna Orji said the agreement was part of the creative solutions to the financing gaps in road infrastructure development and the innovative perspective of thinking outside the box by the Renewed Hope administration of President Bola Ahmed Tinubu.

The Minister said 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.

He 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 a record time. He described the discussion as a credible path to the eventual financing of the project.

In his speech, the representative of Julius Berger Plc and team leader, Mr. Filipe, 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.

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