The Lagos State government is to borrow $200 million from the World Bank to finance light rail and water projects.
Details of the loan were contained in a letter forwarded to the Senate by President Goodluck Jonathan yesterday.
In the letter dated October 22, 2013, the president said the $200 million was part of a $600 million loan facility to the Lagos State government being implemented in tranches of $200 million with the first tranche approved in the 2010 borrowing plan by the National Assembly.
"The World Bank has embarked on restructuring of the project in the face of current realities in a manner that would release $200 million for allocation to Lagos Development Policy Operation II," the letter read in part.
Jonathan said the loan would be used for the ultra-modern burns centre and cardiac and renal centres at Gbagada General Hospital, the 27 kilometre light rail along the Lagos Badagry Expressway to Marina and completion of the 70 million gallon per day Adiyan water facility among others.
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