The World Bank has approved Nigerias request for a $1.5 billion loan.
In a statement on Tuesday, the Bretton Wood institution said the facility is a five-year country partnership framework (CPF) that will last from 2021 to 2024. The bank said the facility was prepared jointly with the International Finance Corporation (IFC) and the Multi-lateral Investment Guarantee Agency (MIGA).
The loan will focus on four areas of engagement namely Investing in human capital, promoting jobs and economic transformation and diversification, enhancing resilience and strengthening the foundations of the public sector.
The Banks board of directors also approved $1.5 billion for two projects in Nigeria. The projects are 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) Additional Financing. Both projects will get a $750 million facility through the International Development Association (IDA).
The $1.5 billion loan had initially been delayed with Chaudhuri saying Nigeria needs to carry out more currency reform to access the loan.
