FEC Greenlights $3.45bn World Bank Loan for Five Projects
The Federal Executive Council (FEC) has given its approval for a $3.45 billion World Bank loan application to finance five projects. According to the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, the zero-interest loan will be repayable over 40 years with a 10-year moratorium, commencing payments in 2033.
The projects to be funded include those in the power sector and renewable energy, as well as programmes to assist states in their internally generated revenue efforts, an initiative for adolescent girls’ learning and empowerment, and a women’s project.
Additionally, the FEC approved the establishment of a Humanitarian and Poverty Alleviation Trust Fund. This fund will enable the government to respond more effectively to humanitarian situations in Nigeria and aims to raise at least $5 billion annually.
The approved funding aims to address various developmental challenges and promote sustainable growth and empowerment in Nigeria.
Source: Channels TV
