According to the report of activities of the
The report compiled by the Board and Publication office of the
Giving a breakdown of the amount, the report noted that total net amount released stood at N233.161 billion; total amount disbursed to banks stood at N233.161 billion; amount approved for release to the BoI -- N237.23 billion, while the balance of unutilised PAIF fund stood at N62.77 billion.
The report further disclosed that total repayment stood at N32.363 billion, noting, however, that no repayment was remitted by the BoI to CBN under the PAIF in the month of May, 2014.
For the first quarter of 2014, the CBN said a total of N508.00 million was disbursed under PAIF from January to March, 2014.
The CBN stated that total repayments from 10 power projects stood at N3.199 billion as at the first quarter of 2014.
In the revised guidelines for the N300 billion
It further stated that the fund is aimed at serving as a credit enhancement instrument to improve the financial position of the Deposit Money Banks (DMBs).
Continuing, it said, "Other objectives are to improve power supply, generate employment, and enhance the living standard of the citizens through consistent power supply and also provide leverage for additional private sector investments in the power and aviation sectors."
For power projects to qualify, the CBN said the fund is for "any corporate entity, duly registered in
"Eligible projects can be promoted by private or public sector sponsors (or a combination of both) but must be structured either as profit-oriented business or a public service, provided that contracted cash-flows or financing support exist to ensure repayment of principal and interest, as well as long term viability.
"The project company may also offer appropriate credit enhancement options to support its financial obligations.
"The project could be already existing and in operation, in design/development, under construction, or existing but operationally inactive.
"The refinancing of existing loans for captive power projects for corporate entities that are not power companies will only be eligible if the investments are not older than two years from the date of the application.
"For the avoidance of doubt, this restriction will not be applicable to captive power projects implemented and managed by power companies
Most Popular Stories
- Americans Still Pessimistic Despite Economic Growth
- GE Capital and Petters-Related Fund in Legal Battle
- California Conservation Conundrum: Water Use Varies Greatly Across State
- Even With Surly 2014 Electorate, It's 'Still an Incumbent's World'
- Combating Online Abuse Not Easy for Gamers
- Detroit Raced Toward this Week's Bankruptcy Trial
- Feds Want Nuclear Waste Train, but Nowhere to Go
- New Hershey's Logo Revealed
- Obama on Labor Day: Don't Take Rights for Granted
- Nintendo Launching 'Amiibo' Toy-game Franchise