The World Bank, on Tuesday, December 15, announced that it has approved Nigeria’s request for a $1.5 billion loan to strengthen the country’s economy.
According to the institution, the loan facility is a five-year Country Partnership Framework (CPF) that will last till 2024.
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 Bank’s 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).