World Bank’s loan portfolio to Nigeria now $4.8billion

World Bank’s total loan portfolio to Nigeria is now $4.8 billion, the bank said yesterday. Out of this, only $1.4 billion has been disbursed, the bank’s country director in Nigeria Marie Francoise Marie-Nelly said in Abuja. Marie-Nelly said they are awaiting approval from the National Assembly for the disbursement of the remaining $3.4 billion. The World Bank’s support to Nigeria is focused on four broad areas of sustainable development; human development; governance and economic reforms; and private sector development. There are 70 technical assistance activities which the Bank has in Nigeria and it involves a total amount of $180 million. Nigeria also benefits from three regional projects. It includes $45 million on agriculture, $46.7 million on air transport and $135 million on water resources. She said counterpart funding is one issue that affects the execution of their projects in Nigeria. She however said that what the Bank really wants is for the citizens and government to be more committed to projects in their communities. “We are trying to change the dynamics of our projects. Our money should be the counterpart funding,” she said.


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