The Central Bank of Nigeria (CBN) has released a revised guideline for the Power and Airline Intervention funds.

In the revised document, the refinancing of existing loans for projects under the power and airline intervention fund for corporate entities that are not power companies will only be approved, if the investments are not older than two years from the date of the application.

In a circular released on Friday, the apex bank explained that such restriction would not be applicable to captive power projects implemented and managed by power companies.

Gas-to-power promoters must also tender verifiable evidence of purchase agreements for their projects to be eligible.

The guidelines state that the Asset Management Corporation of Nigeria (AMCON), by special approval of the CBN may be allowed to participate in the fund with respect to acquired projects of national economic importance.

In a bid to catalyse the financing of the real sector of the economy, the central bank had, in accordance with Section 31 of the CBN Act 2007, approved the investment of the sum of N500 billion debenture stock issued by the Bank of Industry.

The sum of N200 billion was then set aside for the refinancing/restructuring of small and medium enterprises/ manufacturing portfolios while N300 billion was set aside for power and airline projects.