Infrastructure Bank Plc is to provide funds for the proposed $2 billion Lagos Red Line Rail Project that will commute two million passengers daily from Alagbado to Marina.
The bank’s Executive Director, Projects, Mr. Hakeem Olopade, disclosed this in Lagos last week at the ongoing 3rd Economic Commission of West Africa States (ECOWAS) Investment Forum.
He said Infrastructure Bank is the chief promoter and financier of the rail project and the funds would be sourced from the local and international markets.
Olopade said that the project had been in conception since five years ago and would be implemented by Marina Express Consortium to ease transportation in populated areas of Lagos.
According to him, the Red Line Rail project will stretch 37 kilometres with 36 pedestrian walk-over bridges to end at the Marina.
Olopade added that the Red Line and the ongoing Blue Line Rail projects would converge on a “signature bridge” to link the mainland to the Marina that would cost $200million.
He disclosed that project might be extended to Ogun State in the future.
The executive director said the bank, in implementing the project, would be responsible for the fixed infrastructure as well as the operation and maintenance.
Olopade said the moving infrastructure would have a rail signal communication, stating that one of the core objectives of the Red Line project is to provide a world class rail system.
He added that the bank would also ensure that there is constant improvement in the area of service delivery to the people of Lagos state.
The bank executive identified skill and training as paramount to the project, explaining that the bank was assembling a global team to implement the project.
He said: ‘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.
“We also have a corporate social responsibility, as core driver of the project, by creating one thousand direct jobs apart from the indirect jobs that would also be provided on the corridors.”