The World Bank said on Wednesday it had approved a total of $1.08bn (R20.37bn) in concessional financing for Nigeria to enhance education quality, build household and community resilience, and improve nutrition for underserved groups.
The loan, initially designed to respond to the Covid-19 pandemic, is intended to help strengthen the bank's extensive reach and impact in Nigeria in the face of economic hardships, especially following the government's economic reforms in 2023, the World Bank said.
The bank said $500m (R9.43bn) would go towards an economic stimulus program with another $500m for education, and the balance would be used to boost standards of nutrition in Nigeria.
World Bank approves $1.08bn loan for Nigeria
Image: 123RF/chormail
The World Bank said on Wednesday it had approved a total of $1.08bn (R20.37bn) in concessional financing for Nigeria to enhance education quality, build household and community resilience, and improve nutrition for underserved groups.
The loan, initially designed to respond to the Covid-19 pandemic, is intended to help strengthen the bank's extensive reach and impact in Nigeria in the face of economic hardships, especially following the government's economic reforms in 2023, the World Bank said.
The bank said $500m (R9.43bn) would go towards an economic stimulus program with another $500m for education, and the balance would be used to boost standards of nutrition in Nigeria.
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