IN support of the current initiatives in the power and aviation sectors by President Goodluck Jonathan, the Central Bank of Nigeria (CBN) has announced the establishment of N300 billion power and aviation intervention fund.

The amount is part of the initial N500 billion intervention fund announced earlier in April, in a bid to catalyse the finance of the real sector of the Nigerian economy.

The purpose of the fund is to help sustain private sector investment in the two sectors.

The guidelines for the disbursement of the fund have also been released.

Accordingly to a statement signed by Moha-mmed Abdullahi, Head of Corporate Communications of the CBN, the Bank of Industry (BoI) has been appointed as the managing agent vested with the responsibility for the day-to-day administration of the fund.

It added that the African Finance Corporation (AFC) would serve as the technical adviser.

Also, all deposit money banks and development finance institutions (excluding BoI) had been enlisted to participate in scheme.