DA CREDIT: US$50million
TERMS: Maturity = 40 years; Grace Period = 10 years
PROJECT DESCRIPTION: This credit is in addition to the original $100 million International Development Association (IDA) Credit under the Lagos Urban Transport Project. The additional financing is expected to also scale up the bus services enhancement component, which is critical to attaining the project development objective of improving efficiency of public transport network. The additional fund will assist in the implementation of a pilot bus franchise scheme along the Iyana Ipaja-Ikotun/Igando corridor.