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Okowa gets approval to take N500m loan

Delta House of Assembly on Tuesday approved Governor Ifeanyi Okowa’s request to borrow N500 million from Fidelity Bank Plc to finance climate change projects.

Majority Leader, Mr Tim Owhefere, moved the motion to empower the governor to borrow the money and was seconded by Mr Timi Tonye, representing Patani Constituency.

The request is contained in a letter read by the Speaker, Chief Monday Igbuya, during plenary session.

Okowo said the loan would enable the state pay its counterpart contribution in order to access World Bank ecological fund.

The governor said that the state approached the World Bank to access its ecological fund.

“It is my pleasure to inform the House that the World Bank has expressed its willingness to grant the state access to the World Bank Ecological Fund for the execution of special climate change and various ecology projects.

“Consequently, the state government intends to obtain a N500 million term loan facility from Fidelity Bank Plc to meet its counterpart contribution required to access the fund.

“And Fidelity Bank has also indicated its readiness to offer to the state, the loan facility.

“And to access the loan, is however, based on the pricing and conditions, and one of such conditions is the resolution of the State House of Assembly granting approval for the loan,” he said.

Okowa also said that the State Executive Council had also approved the request during its meeting held on February 16.

He appealed to the House to facilitate the approval of the loan to enable the state access the grants as soon as possible.


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