FG to get $750m loan from World Bank

The World Bank Task Team Leader for the NG-CARES, Professor Foluso Okunmadewa has disclosed that the Federal Government will soon get a one-year extension to access the World Bank’s $750m concessional loan for Nigeria’s COVID-19 Action Recovery and Economic Stimulus

Okunmadewa, while speaking at the event, said 29 states and the FCT had so far earned reimbursement after deducting the initial advance, adding that seven states earned no reimbursement.

He noted that the World Bank would continue to allow access to funds as long as it sees evidence of the continued commitment of state governments to disbursements of the funds.

The Minister of State for Budget and National Planning, Clem Agba, in his remarks, said the NG-CARES programme had impacted the lives of over two million direct beneficiaries in the country, adding that the development was in line with the vision of the President to lift 100 million Nigerians out of poverty within 10 years.

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