Nigeria renews Trust Fund’s tenure
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May 14, 2008, 15:50

The Nigerian Trust Fund, which is a soft-loan window for poorer African states, has been renewed for ten years.

The fund, operated by the African Development Bank (ADB), had expired five years ago but was extended for two years.

Finance Minister, Shamsudeen Usman said at the ongoing meting of ADB in Maputo, Mozambique that the renewal is a sign of Nigeria’s commitment to Africa.

The Finance minister said the signing of the renewal of the Trust Fund will take place on Thursday after which details of its operations will be worked out.

“The details for operations are still subject to negotiation. We are having a team from both the Nigerian side and ADB to sit down and discuss and agree”, the minister said.

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