Federal Government approves establishment of Power Sector Intervention Fund

The Federal Government on Monday approved the establishment of Power Sector Intervention Fund with initial deposit of N300 billion to facilitate speedy development of the nation’s power sector.
President Goodluck Jonathan made this known at an International Conference on Power Sector and Infrastructure Financing at the Presidential Banquet hall, Abuja.
Jonathan, represented by Vice President Namadi Sambo, said that the setting up of the fund would enable industry players have access to cheap long term funds.
``To enable industry players have access to cheap long term funds, government is hereby setting up a ``Power Sector Intervention Fund’’.
``The financial resources for this special Fund will be pooled from the Federal Government, Development Financial Institutions (DFIs) as well as local and global and financial partners.
``The Coordinating Minister for the Economy will give details of the operational structure of the fund. But, will essentially, provide avoidable refinancing and unlending services to the sector.
``On its part, the Federal Government will make initial deposit of N300 billion.’’
Jonathan noted that under the National Integrated Infrastructure Master Plan about 2.9 trillion dollars was needed for infrastructure development efforts between 2014 and 2045.