Sao Tome and Principe: Nigeria to grant subsidised loan of US$10 million

20 May 2009

Abuja, Nigeria, 20 May – The President of Nigeria, Umaru YarÁdua has requested that parliament approve a government proposal to grant a subsidised loan of US$10 million to Sao Tome and Principe, to help the country to solve its financial difficulties.

According to pan-African news agency PANA, the presidential request was included in a letter sent to the highest chamber of parliament, the Senate, which was read out by its president during a session on Wednesday, 13 May.

If it is approved, the loan will be interest-free and have a pay-back period of four to six years.

A previous loan of US$15 million granted to Sao Tome and Principe by Nigeria between 2002 and 2004 was totally paid back in 2007. (macauhub)