The Southeast Zonal Assistant Secretary and Secretary of the Pentecostal Fellowship of Nigeria (PFN) in Abia State, Rev. Blessed Amalambu, has praised Abia State for approving the $125 million loan facility from the Islamic Development Bank.
However, Amalambu urged the state government to thoroughly examine all of the funding-related agreements.
In addition to counterpart funding from the Abia state government, the $125 million is a part of a larger $263.8 co-financing facility by the Islamic Development Bank, IsDB, African Development Bank, AfDB, and Canada-Africa Development Bank.
Rev. Blessed Amalambu, the PFN Secretary for Abia State, responded to the issue by stating that careful examination of the terms governing the financial instrument should go hand in hand with the celebration of the approval.
“We celebrate this funding as a step toward development and are pleased with the progress Abia is making under Governor Otti,” Amalambu said.
“It is prudent to make sure that all terms and conditions are carefully examined as we proceed in order to safeguard the state’s long-term interests.”
In order to make sure that the loan is in line with the state’s development objectives and legal frameworks, Rev. Amalambu urged legal, financial, and policy experts to provide input. He said that caution must be used to make sure that there is no religious attachment that could impede the future interests of the Christians in Abia.
“My role is to encourage responsible and informed decision-making, not to impede progress,” he continued. The Christian leader stated, “We fully support it if the loan terms are beneficial and transparent.”However, the Abia State government listed the benefits of the first trench of the loan as the construction of 126 km of roads in Aba, 35.57 km in Umuahia, an intercity link road, erosion control systems, environmental sustainability initiatives, and the creation of over 3,000 jobs.
About The Author
