World Bank Grants $2.1 Billion Loan to Nigeria

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Buhari

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President Muhammadu Buhari hails the World Bank’s decision to grant Nigeria $2.1 billion low interest loan to rebuild states in North-East

THE World Bank is to grant Nigerian $2.1 billion through its International Development Agency, IDA, which gives low interest rates loans to government. The loan will be used to rebuild the states in the North Eastern part of Nigeria which were devastated by Boko Haram insurgency in the past six years. The first 10 years the loan will run will be interest free, while the repayment in the next additional 30 years will be at lower than capital market rate.

The loan package was unfolded at a meeting in Washington today with representatives of the World Bank, the Bill and Melinda Gates Foundation, and the World Health Organisation, WHO.

Commending the decision of the World Bank, President Muhammadu Buhari said apart from rebuilding the region in terms of infrastructure, priority must also be given to the resettlement of internally displaced persons, IDPs, who now number over one million. He urged the World Bank to send a team, which would work in concert with a team from the federal government, so that a proper assessment of needs could be done.

“The World Bank is eager to move in quickly, give out the loans, and give succor to the people of North-east, long at the mercy of an insurgency that has claimed over 20,000 souls,” a statement signed by Femi Adesina, presidential spokesperson and made available to Realnews said.

WHO is also to invest $300 million on immunisation against malaria in Nigeria, while the Bill and Melinda Gates Foundation will collaborate with Dangote Foundation to ensure that the country maintains its zero polio case record of the past one year.

“If the effort is sustained for another two years, Nigeria will be declared fully free of polio,” the statement said.

—  Jul 21, 2015 @ 19:10 GMT

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