FG concludes plans with Julius Berger on funding structures for Lokoja-Shintaku bridge

By AKOR SYLVESTER-Abuja

The Federal government has concluded plans with Julius Berger Plc on alternative financing structures for the construction of Lokoja-Shintaku bridge in Kogi State.

The understanding was reached during the meeting of the Minister of works, Engr David Umahi with  the representative of Julius  Berger  Plc and Business Development Strategist, Filipe  Nuno Lopes, and the development partners – Deutsche Bank representated by the Director Structured Trade and Export Finance Middle East and Africa, Humaya Harati.and the bank’s Chief Country Representative  Nigeria,  Andreas Voss in Abuja yesterday.

Speaking, 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.

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 a record  time.

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

In his speech, the representative ofJulius Berger Plc and team lead, 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.

According to the statement signed by the special adviser to the Minister on media and publicity, Orji Uchenna Orji, the meeting advanced discussions around project  development and potential funding  options.