Categories: AfricaFinance

Statement on World Bank’s $2.1 Billion Support to Nigeria

Muhammadu Buhari

On Tuesday, July 21, 2015 the World Bank Group President Jim Kim held a meeting with Nigerian President Muhammadu Buhari at Blair House in Washington, D.C. In the meeting it was indicated that Nigeria has up toUSD $2.1 billion of uncommitted resources from the International Development Association(IDA) as well as other support from IBRD, for addressing the development challenges of Nigeria, including in the North East and the North, in particular.

The Acting World Bank Group Country Director for Nigeria, Indira Konjhodzicsays the Bank is ready to start discussions with the Nigerian authorities on how to move this agenda forward. “We are going to work closely with the Government of Nigeria to determine the best way to support their priorities in the context of our Country Development Framework and our commitment to ensure the continued growth and development momentum in Africa’s biggest economy.”

In order for World Bank lending to become effective, a project(s) must be prepared in consultation with the government that is borrowing, after which the project must be approved by the Bank’s board of executive directors.  The World Bank reiterates its commitment to support Nigeria in ending extreme poverty and promoting shared prosperity. Source

marten

Recent Posts

The Big Themes from Money20/20: Why Banks Are Back, AI Is a Risk, and Financial Inclusion Finally Matters

By Alessandro Hatami, European banking innovation expert and co-author of Reinventing Banking and Finance and…

4 days ago

Net Zero: OECD Report Sets the Record Straight on Economic Benefits

For years, a persistent argument has loomed over the push for net zero: that transitioning…

4 days ago

CORDET Capital: Unlocking the Potential of Northern Europe’s Lower Mid-Market

With a sharp focus on delivering compelling risk-adjusted returns, CORDET Capital has positioned itself as…

1 week ago

Uzbekistan Investment Forum: Economic Momentum Meets Strategic Maturity

Attend enough investment forums and they begin to blend into one another. The Fourth Tashkent…

1 week ago

Tashkent’s Turning Point: Why the Time is Now for Global Investors in Uzbekistan

As Uzbekistan accelerates its transformation from a closed economy to a liberalised investment destination, the…

2 weeks ago

BIAT: Strengthening Market Leadership Through Innovation, Digitalisation, and Responsible Governance

BIAT continues to assert its dominance in the Tunisian financial market, reinforcing its resilience with…

2 weeks ago