World Bank okays $2.1b loan for Nigeria

Kindly Share This Story:

The World Bank says it has approved a loan of $2.1 billion for seven projects in Nigeria.

Earlier in the year, top executives from the bank toured some projects in the country.

The global lender, in a statement yesterday, explained that the seven projects cover areas such as nutrition, access to electricity, states’ fiscal transparency, polio eradication, women’s economic empowerment, public finance and national statistics and reducing vulnerability to soil erosion.

The projects were approved by the International Development Association (IDA), the bank’s low-interest arm. A $7 million grant was also approved for nutrition.

According to the Bretton Wood institution, more than half of the loan would be used to fund power, climate change projects and boost fiscal transparency.

World Bank Country Director for Nigeria, Rachid Benmessaoud, said: “The Federal Government of Nigeria’s economic recovery and growth plan identifies human capital investment, restoring growth, and building a competitive economy as its key pillars.

“The approved projects support the implementation of the government’s growth plan; the World Bank Group (WBG) has extended its country partnership strategy for Nigeria until June 30, 2019. During FY2018 and FY2019, the WBG support will focus on revenue diversification and mobilization, addressing the binding constraints for attracting private financing, and improving social services delivery for building the human capital needed for inclusive economic growth, in alignment with the economic recovery and growth plan.”

The approved projects are: State Fiscal Transparency, Accountability and Sustainability Project – $750 million; Fiscal Governance and Institutions Project – $125 million; Nigeria Erosion and Watershed Management Project – $400 million; and Nigeria Electrification Project – $350 million. Others are Accelerating Nutrition Results in Nigeria Project – $7 million; Nigeria Polio Eradication Support Project – $150 million and Nigeria for Women Project – $100 million.

Kindly Share This Story:

Related Post

Leave a Reply

Your email address will not be published. Required fields are marked *

amehnews greetings