Economy
World Bank Approves $1.5 Billion Loan For Nigeria
- loan takes effect from 2021 and will be terminated in 2024.
The World Bank has approved Nigeria’s request for a $1.5 billion loan.
This was announced in a statement by World Bank on Tuesday, December 15 noting that the loan kicks into effect from 2021 and will be terminated in 2024.
“This Country Partnership Framework will guide our engagement for the next 5 years in supporting the Government of Nigeria’s strategic priorities by taking a phased and adaptive approach,” World Bank Country Director for Nigeria, Shubham Chaudhuri said.
World Bank Board of Directors approved the $1.5 billion for two projects, which include: Nigeria Covid-19 Action Recovery and Economic Stimulus – Program for Results (Nigeria CARES) and the State Fiscal Transparency, Accountability and Sustainability Program for Results (SFTAS).
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Ekohotblog gathered that the government revenues have dipped by 60 percent in Nigeria due to a crash in global oil prices and the COVID-19 pandemic hence the consideration and approval of the loan.
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