Nigeria, Swiss reshedule debt
2002-01-24 22:02
Abuja - Nigeria signed an agreement on Thursday with Switzerland to reschedule some $152 million in debt it owes to the European
country.
Finance Minister Adamu Ciroma signed the accord in Abuja with
Swiss ambassador to Nigeria, Rudolf Knoblauch.
Under the accord, the debt is rescheduled for payment in 18
years, and includes a three-year moratorium period, at a fixed
interest rate of 4.7% per annum, Ciroma said.
Ciroma said the deal was in accordance with a document signed in December 2000 with 15 member countries of the Paris Club, to which Nigeria owes 75% of its debt stock of around $30 billion.
"It is the first agreement that is being signed... and therefore
expected to provide an impetus for concluding the other bilateral
agreements within the next few months," the minister added.
- Sapa-AFP
- SAPA