Read the passage below carefully:
In October 2023, the Nigerian Federal Ministry of Aviation inaugurated an automated baggage handling system at the Nnamdi Azikiwe International Airport in Abuja, replacing the manual screening belt installed in 2008. While the legacy conveyor processed an average of 400 bags per hour, the new system processes up to 1,200 luggage units hourly. Funding for the project was secured through a bilateral loan from the Export-Import Bank of China, whereas routine maintenance remains under the direct management of the Federal Airports Authority of Nigeria (FAAN).
Based on the passage, evaluate the following statement:
The automated baggage handling system at the Nnamdi Azikiwe International Airport was directly financed by the Federal Airports Authority of Nigeria (FAAN).
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