The World Bank is expected to provide the Federal Government with a single-digit rate loan of about $2.2 billion, while the African Development Bank is expected to provide another budget assistance facility.
This was revealed by Finance Minister Wale Edun at a news conference that concluded Nigeria’s participation in the World Bank/IMF Spring Meeting on Saturday in Washington, DC, USA.
Speaking about the sources of foreign finance for the Nigerian economy, Edun mentioned facilities provided by the World Bank and other international development partners, as well as remittances from the diaspora and foreign portfolio investments.
He stated, “We have qualified for the processing just this week to the Board of Directors of the World bank of a total package of $2.25 billion of what you can call ‘the closest you can get to a free lunch’- virtually a grant. It’s for about 10- 20 years moratorium and about 1% interest.
“In addition, there is a similar budgetary support – low-interest funding from the African Development Bank (AfDB) and, clearly, there are ongoing discussions with foreign direct investors across many sectors.” [CONTINUE READING HERE]
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