President of the African Development Bank (ADB Donald Kaberuka said here at the weekend that the bank had committed about 2.2 billion U.S. dollars in projects in Nigeria, Africa's most populous country.

At a new briefing in the capital Abuja, Kaberuka said the ADB is interested in expanding the activities of the bank in Nigeria on "human development, especially in funding health, water and education projects."

He said the ADB would assist in the development of the country's non-oil sector, growing portfolios in the non-financial sectors and improving relations between the bank and the federal government.

Kaberuka, who is attending the International Conference on " Financing for Development: From Commitment to Action" held in Abuja, commended the Nigerian government for establishing the Nigeria Trust Fund (NTF), one of the windows of the bank.

He said the bank had been able to manage and grow the NTF in its 30 years of existence from 160 million dollars to 500 million dollars, adding that the fund had been of immense assistance to many African countries which needed funds at concessionary rates.

Kaberuka said the NTF had completed its operational period of 30 years and that the one year extension granted by the Nigerian government would allow for the evaluation of the operations of the fund which would start next month.

Established in February 1976 to assist in the development efforts of the more disadvantaged African countries, the NTF grants loans at concessionary rates of between 2 percent and 4 percent with a repayment period of 25 years and a grace period of five years.

It has approved loans to 36 African countries in all sectors of the economy in the last 30 years and has a net asset base of about 550 million dollars.

Source: Xinhua