Posted by By Chris Ochayi on
THE Urban Development Bank of Nigeria (UDBN) has granted a loan of N29.5 million to Kaltungo Local Government Area of Gombe State for the construction of Markets and Motor Parks as well as building of shops at Bambam and Dogon Ruwa in the area.
THE Urban Development Bank of Nigeria (UDBN) has granted a loan of N29.5 million to Kaltungo Local Government Area of Gombe State for the construction of Markets and Motor Parks as well as building of shops at Bambam and Dogon Ruwa in the area.
The Managing Director and Chief Executive of the Bank, Alhaji (Dr.) Rabiu Suleiman Bichi, during the signing agreement of the loan, declared the bank is ever ready to assist all local governments in the federation, with loans and technical assistance to improve service delivery to their people.
Alhaji Bichi explained that the total cost of the project is N40 million and that while UNDB has provided approximately 70 per cent of the project cost, Kaltungo local government is contributing N10.5 million as its counterpart contribution.
"I am pleased to note that the local government has already paid all its counterpart funds. This means that there will be no delay in the implementation of the project as all the required funds are available", he said.
Stressing on the importance and viability of the facilities, he said, "the Kaltungo project will contribute in improving economic and social activities in the local government. The markets and Motor Parks would provide decent places for conducting business, improve social interaction and stimulate increased agricultural production in the rural areas."
According to Bichi the long term loan facility will be paid back completely by December 2010. He stressed that the projects which are expected to be completed by November this year will enhance the revenue of the local government and improve its credit worthiness as well as its ability to provide more services to its people.
"I wish to call on the Chairman, to use the funds judiciously and ensure timely implementation of the project in order to avoid any cost and time overruns. UNDB is ever ready to assist all local governments in the federation, with loan funds and technical assistance to improve service delivery to their people."
"The Bank is also ready to assist local Governments to improve local resource mobilization through tenement rating, cadastres and public private partnerships", he said.
In his remark, Chairman of the Kaltungo local government area, Hon. Gideon Nde, promised to utilise the loan judiciously on the projects because according to him, "as politicians, we were elected to provide dividends of democracy to our people.
He also expressed gratitude to Governor Danjuma Goje of Gombe State for making available its N10.5 million-counterpart contribution.