Access bank
Afreximbank, Access Bank near funding deal with LASG for Blue Line Phase 2
The African Export-Import Bank (Afreximbank) and Access Bank are nearing the finalization of a funding agreement with the Lagos State Government to complete Phase 2 of the Lagos Blue Line.
The Lagos Metropolitan Area Transport Authority (LAMATA) announced this development in a statement on their official X (formerly Twitter) account on Saturday.
The statement noted that Mr. Eric Intong, Afreximbank’s Abuja Regional Chief Operating Officer, and Mr. Lookman Martins from Access Bank, accompanied by officials from the Lagos State Government, visited the Blue Line Phase 2 project site on Friday.
The representatives of the banks assessed the project’s potential and expressed satisfaction with the ongoing plans.
- “Financing for the second phase of the Lagos Rail Mass Transit (LRMT) Blue Line has received the nod of African Export-Import Bank (Afreximbank) and Access Bank, who are jointly providing funding for its completion.
- “Afreximbank’s Abuja Regional Chief Operating Officer, Mr. Eric Intong, and his Access Bank counterpart Mr. Lookman Martins, today, jointly visited the project site to evaluate its potential. The banks expressed their satisfaction with the plan for the project,“ the statement read in part.
The statement also highlighted that necessary paperwork for the project is close to being finalized and may be signed by the Lagos State Government in the next few weeks.
Furthermore, it mentioned that construction activities on the project are anticipated to accelerate significantly in the coming weeks.
What you should know
- The Lagos Blue Line Phase 2, extending 14 kilometers from Mile 2 to Okokomaiko, is set to significantly enhance transportation in Lagos.
- The contract for the second phase of the Blue Line rail was signed by Lagos State Governor, Mr. Babajide Olusola Sanwo-Olu, during the launch event for the Blue Line Phase 2, which was officiated by former President Muhammadu Buhari on January 24, 2023.
- According to LAMATA,, upon completion, the Blue Line rail is expected to serve over 450,000 passengers daily.
- This will offer Lagos residents commuting between the Island and the Mainland a faster and more convenient travel alternative.
