World Bank has finally given its approval to Nigeria’s request for $1.5 billion loan. The loan is expected to strenghten Nigeria’s economy.
In a statement released recently, the Bank said the loan facility is a five-year Country Partnership Framework (CPF) that will be fully repaid by 2024.
While talking about the development, World Bank Country Director for Nigeria, Shubham Chaudhuri said: “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.
“This country partnership framework will guide our engagement for the next five years in supporting the government of Nigeria’s strategic priorities by taking a phased and adaptive approach.
“To realize its long-term potential, the country has to make tangible progress on key challenges and pursue some bold reforms. Our engagement will focus on supporting Nigeria’s efforts to reduce poverty and promote sustained private sector-led growth.”
The Board of Directors of World Bank approved the $1.5 billion for two projects. The projects are Nigeria Covid-19 Action Recovery and Economic Stimulus and the State Fiscal Transparency, Accountability and Sustainability Program for Results (SFTAS).