The Kogi state government has secured two separate loans claiming to boost its economy and food security.
The loans, obtained from the World Bank and the International Fund for Agricultural Development (IFAD), were signed on behalf of the state by Asiwaju Idris Asiru, Kogi commissioner of finance.
While the state obtained $62 million from the World Bank, it secured $10 million from IFAD.
In a statement on Friday, Onogwu Galacticus, chief press secretary to Alhaji Yahaya Bello, Kogi governor, said the IFAD facility would be injected into the Value Chain Development Programme.
The programme is an agricultural initiative aimed at reducing rural poverty, enhancing food security among poor households, and promoting economic growth on a sustainable basis.
He said the programme would support the production, processing and marketing of rice and cassava in some local government areas of the state.
The CPS explained that the programme is made up of three basic components, targeted at agricultural market development, value addition, and support for market infrastructure.
According to him, the initiative would build a very strong agribusiness and value chain orientation for farmers in rural communities.
Onogwu Galacticus II, said the World Bank loan is meant for the Rural Access and Agricultural Marketing Project (RAAMP), adding that the project would upgrade over 500 kilometres of rural roads, improve agro-logistics centres, as well as enhance connectivity and access to local markets and agribusiness services in the state.
Apart from the World Bank, the French Development Agency and the federal government will also provide funding for the project.