{"id":4904,"date":"2013-06-08T03:29:19","date_gmt":"2013-06-08T03:29:19","guid":{"rendered":"http:\/\/disnaija.com\/nigerian-newspapers\/infrastructure-bank-coordinates-funding-for-2bn-lagos-red-line-rail-project\/"},"modified":"2013-06-08T03:29:19","modified_gmt":"2013-06-08T03:29:19","slug":"infrastructure-bank-coordinates-funding-for-2bn-lagos-red-line-rail-project","status":"publish","type":"post","link":"https:\/\/disnaija.com\/infrastructure-bank-coordinates-funding-for-2bn-lagos-red-line-rail-project\/","title":{"rendered":"Infrastructure Bank coordinates funding for $2bn Lagos Red Line Rail project"},"content":{"rendered":"
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The Infrastructure Bank Plc is to provide funds for the proposed $ 2 billion dollars Lagos Red Line Rail Project. About two million passengers are expected to be transported daily from Alagbado to Marina on the completion of the project,Mr. Hakeem Olopade, the bank\u2019s Executive Director (Projects), has announced. The Infrastructure Bank Plc is the chief promoter and financier of the rail project. Speaking at the 3rd Economic Commission of West Africa States (ECOWAS) Investment Forum in Lagos, Mr.Olopade said that the project, conceived five years ago, would be implemented by Marina Express Consortium to ease transportation in\u00a0populated areas of Lagos. The Red Line and the ongoing Blue Line Rail projects would converge on a \u201csignature bridge\u201d to link the mainland to the Marina. The bridge is estimated to cost 200 million dollars. Olopade said that the Red Line Rail project might be extended to Ogun State in the future and described the project as part of the World Bank\u2019s sponsored study for transport infrastructure and solution for Lagos. “The BRT, which is the Bus Rapid Transport, also came out of that study, he said, adding: \u201cThis railway project is part of the integrated mode of transportation from that study. “There would be seven metro lines and the Red Line and Blue Line are the prototypes that Lagos State has agreed to commission as a starter. “The Blue Line is already taken by the state. The Red Line is going to be a concession that would be run by the private sector.\u2019\u2019 He said that the Red Line Rail project would be a twotype infrastructure which would cost one billion dollars each. The executive director said that the bank, in implementing the project, would be responsible for the fixed infrastructure as well as the operation and maintenance. Olopade said that one of the core objectives of the Red Line project was to provide a world class rail system. The funds, to be coordinated by the Infrastructure Bank, will be sourced from the local and international markets. The bank executive identified skill and training as paramount to the project and said that the bank was assembling a global team to implement the project. “We also want to make sure that as we provide training and skill services, there is a clear system of transfer programme to ensure that within a short time, the rail would be run by Nigerians for Nigerians.<\/p>\n

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