Central Bank of Nigeria
THE World Bank on Thursday announced the approval of $2.1bn loan for seven projects to be executed across different sectors of Nigeria’ economy.
The projects approved by the International Development Association, the bank’s low-interest arm, are expected to support Nigeria’s economic growth plan.
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According to statement issued by Country Office of the bank in Abuja, the loans were approved in Washington on Wednesday and are for seven projects to support Nigeria’s investment in nutrition, access to electricity, states’ fiscal transparency, polio eradication, women’s economic empowerment, public finance and national statistics and reducing vulnerability to soil erosion.
It quoted World Bank Country Director for Nigeria, Rachid Benmessaoud, as saying “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.”
More than half of the loans would be used to fund power and climate change projects and boost fiscal transparency.
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