Tuesday, November 20, 2018
Advertisement

World Bank approves $2.1bn loan for Nigeria

World Bank approves $2.1bn loan for Nigeria
June 28
16:17 2018
Advertisement

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.

According to a statement released on Thursday, the seven projects cover areas like 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.

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.

A $7 million grant was also approved for nutrition.

“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,” Rachid Benmessaoud, World Bank country director for Nigeria, said.

“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
  • Nigeria Electrification Project – $350 million
  • Accelerating Nutrition Results in Nigeria Project – $7 million
  • Nigeria Polio Eradication Support Project – $150 million
  • Nigeria for Women Project – $100 million

RECEIVE ALERTS FROM THECABLE

BBM CHANNEL C0038F78B
WHATSAPP 08113975334
TWITTER @thecableng
Copyright 2018 TheCable. All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from TheCable.
Tags
Advertisement

Social Comments

0 Comments

No Comments Yet!

Let me tell You a sad story ! There are no comments yet, but You can be first one to comment this article.

Write a comment

Write a Comment

Your email address will not be published.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

*

Advertisement
Advertisement
Advertisement

Exchange Rates

November 16, 2018USDGBPEUR
INTERBANK306397354
LAGOS359475418
KANO359476420
PH360476420
ABUJA359478419
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
Advertisement
Advertisement
Advertisement
Advertisement