The Edo House of Assembly on Wednesday approved N1.5 billion infrastructural finance facility for Edo Government.
The approval of the facility was a sequel to the consideration of a request by Gov. Godwin Obaseki contained in a letter transmitted to the house.
Moving the motion for consideration of the request, the Leader of the house, Henry Okhuarobo, member representing (Ikpoba-Okha), said that the fund would enable the government to meet developmental needs in Edo.
Okhuarobo urged members to support the motion adding that the fund when fully accessed would fast track ongoing projects in the state.
“Existing infrastructural projects in the state will receive urgent attention that will ensure the completion of such projects,” he said.
The lawmakers after deliberations unanimously adopted the resolution approving the request of the state government to access the infrastructural finance facility.
According to the lawmakers, the fund which will attract a 16 per cent interest rate per annum, has a management fee pegged at one per cent.
The speaker, Francis Okiye, in his submission said that provisions had been made for the facility in the 2020 budget estimate.
Okiye said that the resolution for the approval of the finance facility had received the support of members, adding that it was in the overall interest of the people of the state.