World Bank to sign $2.2bn loan for Nigeria this year
By Taiwo Osho
Following a request for new loans, the World Bank has approved a total of $2.2 billion for the Federal Government in 2025.
The $2.2 billion will cut across the following projects, according to the global lender.
The sum of $500 million was earmarked for the ‘Community Action (for) Resilience and Economic Stimulus Programme,’ which will be approved by 17 March.
Similarly on 31 March, the World Bank said it will approve $552 million for the ‘HOPE for Quality Basic Education for All’ and $800 million for ‘Accelerating Nutrition Results in Nigeria 2.0’.
Also, the World Bank said it will approve $300 million for the ‘Solutions for the Internally Displaced and Host Communities Project’ on 15 July and another $300 million for the ‘Health Security Program’ on 19 August.
Also, ‘Building Resilient Digital Infrastructure for Growth (BRIDGE)’ will receive $500 million after approval on 15 September.
The BRIDGE initiative and the Health Security Programme, according to the World Bank, are in the concept review stage, implying that they are still in the early stages of assessment and planning.
The Accelerating Nutrition Results in Nigeria 2.0 and the HOPE for Quality Basic Education projects were said to have progressed to the negotiation stage.
It would be recalled that the World Bank gave Nigeria $1.5 billion in 2024 for development initiatives meant to strengthen the country’s ability to mobilise resources and maintain economic stability.
Within the period in review, the World Bank’s International Development Association (IDA) rose to $17.1 billion as of 30 September, 2024.
RECOMMENDED ARTICLES
Comment
No comments found.