• Contact Us
  • Articles
  • Nollywood Snippets
  • Romance
  • Special Report
  • US This Week
  • Brain Teasers
  • Music Gists
  • From The NGOs
  • Advertisement
  • Privacy Policy
DGovScoops
">
ADVERTISEMENT
  • Home
  • Politics
  • Business
  • Nation
  • World
  • Sports
  • Tech
  • Entertainment
No Result
View All Result
  • Home
  • Politics
  • Business
  • Nation
  • World
  • Sports
  • Tech
  • Entertainment
No Result
View All Result
DGovScoops
No Result
View All Result
Home Business

World bank finally approves Nigeria’s request for a $1.5billion loan

dgovscoops by dgovscoops
December 15, 2020
in Business, Nation
0 0
0
NAIRA PLUNGES TO 475 AS DOLLAR DEMAND RISES
0
SHARES
12
VIEWS
Share on FacebookShare on Twitter
">

Jennifer Ugwueke
The World Bank has approved a loan of $1.5 billion for Nigeria.
This was announced in a statement by World Bank on Tuesday noting that the facility is a five-year Country Partnership Framework (CPF) that will last from 2021 to 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).

The CPF will focus on four areas of engagement which include investing in human capital by increasing access to basic education, quality water, and sanitation services; improving primary healthcare; and increasing the coverage and effectiveness of social assistance programs.

">

Promoting jobs and economic transformation and diversification by supporting measures to unlock private investment and job creation and increasing access to reliable and sustainable power for households and firms.

The CPF will also focus on boosting digital infrastructure, and developing economic corridors and smart Cities, to provide Nigerians with improved livelihoods.

">

Strengthening the foundations of the public sector by improving public financial management and strengthening the social contract between citizens and Government through improved fiscal and debt management.

World Bank in the statement added that Nigeria is at a critical juncture, hence the approval of the loan.

“With the sharp fall in oil prices as a result of COVID-19, the economy is projected to contract by over 4% in 2020, plunging the Country into its deepest recession since the 1980s. Government revenues could fall by more than 15 billion dollars this year, and the crisis will push an additional 5million Nigerians into poverty in 2020,” the statement read in part.

">

The World Bank noted that the facility was prepared jointly with the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA).

This CPF proposes a collaborative approach of how resources across the entire Bank Group can best support the Government’s effort to achieve its goal to lift 100 million citizens out of poverty.

“The Country Partnership Framework leverages the World Bank Group to enable business growth that is inclusive and sustainable,” IFC Director for Southern Africa and Nigeria, Kevin Njiraini also said.

Share this:

  • Twitter
  • Facebook
  • WhatsApp
  • LinkedIn
  • Telegram
  • Print

Related

">
dgovscoops

dgovscoops

">
  • Trending
  • Comments
  • Latest
BREAKING NEWS: BIDEN APPOINTS KOGI-BORN FEMALE INTO HIS CABINET

BREAKING NEWS: BIDEN APPOINTS KOGI-BORN FEMALE INTO HIS CABINET

January 13, 2021
Oba of Benin finally opens up, Advises on the candidate to vote for in the forthcoming Edo Governorship Election

Oba of Benin finally opens up, Advises on the candidate to vote for in the forthcoming Edo Governorship Election

August 28, 2020

Breaking News: Isanlu Robbery: Police Arrests Suspects

June 18, 2020
An Apprentice At Chucks Supermarket Paid us to Kill the Owner- Suspect

An Apprentice At Chucks Supermarket Paid us to Kill the Owner- Suspect

July 29, 2020
Publisher’s Comment

Publisher’s Comment

2
Governors reject Buhari’s order on state legislature, judiciary

Governors reject Buhari’s order on state legislature, judiciary

1
COVID-19: INEC to receive names of Edo, Ondo guber candidates online, says e-voting will begin in 2021

COVID-19: INEC to receive names of Edo, Ondo guber candidates online, says e-voting will begin in 2021

1
Breaking News: Tribunal Dismisses PDP’s Petition, affirms Bello of the APC as Governor

Breaking News: Tribunal Dismisses PDP’s Petition, affirms Bello of the APC as Governor

1
Police Softens Ground on APC Secretariat Siege, Say Presence only Meant to enforce Law and Order

Security: The Nigeria Police Has Arrested 3 Members Of The Notorious “Shilla Boys” In Yola.

January 21, 2021
Corruption Scandal Hits Nelson Mandela’s Foundation.

Corruption Scandal Hits Nelson Mandela’s Foundation.

January 21, 2021
WORLD POWERS OPTIMISTIC OF NEW ERA WITH AMERICA

WORLD POWERS OPTIMISTIC OF NEW ERA WITH AMERICA

January 21, 2021
Breaking News : Nyesom Wike Donates N500m To Sokoto State Government To Rebuild Burnt Market

Breaking News : Nyesom Wike Donates N500m To Sokoto State Government To Rebuild Burnt Market

January 21, 2021

Recent News

Police Softens Ground on APC Secretariat Siege, Say Presence only Meant to enforce Law and Order

Security: The Nigeria Police Has Arrested 3 Members Of The Notorious “Shilla Boys” In Yola.

January 21, 2021
Corruption Scandal Hits Nelson Mandela’s Foundation.

Corruption Scandal Hits Nelson Mandela’s Foundation.

January 21, 2021
WORLD POWERS OPTIMISTIC OF NEW ERA WITH AMERICA

WORLD POWERS OPTIMISTIC OF NEW ERA WITH AMERICA

January 21, 2021
Breaking News : Nyesom Wike Donates N500m To Sokoto State Government To Rebuild Burnt Market

Breaking News : Nyesom Wike Donates N500m To Sokoto State Government To Rebuild Burnt Market

January 21, 2021
DGovScoops

Dear readers, welcome to the fresh soothing world of exclusive scoops from the No1 exclusive story merchants of the industry. We are poised to exercise our mandate as "watchdog of the society" with all sense of patriotism and responsibility.

Browse by Category

  • Articles
  • Breaking News
  • Business
  • Crime
  • Education
  • Entertainment
  • From The NGOs
  • Health
  • Latest News
  • Lifestyle
  • Music Gists
  • Nation
  • Nollywood Snippets
  • Politics
  • Romance
  • Special Report
  • Sports
  • Tech
  • US This Week
  • World

Recent News

Police Softens Ground on APC Secretariat Siege, Say Presence only Meant to enforce Law and Order

Security: The Nigeria Police Has Arrested 3 Members Of The Notorious “Shilla Boys” In Yola.

January 21, 2021
Corruption Scandal Hits Nelson Mandela’s Foundation.

Corruption Scandal Hits Nelson Mandela’s Foundation.

January 21, 2021
  • Contact Us
  • Articles
  • Nollywood Snippets
  • Romance
  • Special Report
  • US This Week
  • Brain Teasers
  • Music Gists
  • From The NGOs
  • Advertisement
  • Privacy Policy

© 2020 DgovScoops -No. 1 Exclusive News BlogAll Rights Reserved.

No Result
View All Result

© 2020 DgovScoops -No. 1 Exclusive News BlogAll Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
21