At last, the
This was contained in the Bank's new Country Partnership Strategy (CPS) for 2014 to 2017 which was launched yesterday in
Essentially the new status implies that the country would have the opportunity to access loans from both the IDA and the IBRD within a particular period, but on different repayment conditions.
Before now, the country was only eligible to borrow from the IDA window which offers a 40-year payment plan with a 10-year grace period at no interest rate charge. Beneficiaries only pay a service charge of about 0.75 per cent.
With the new status, however, the country would have to adjust to a new IDA repayment plan of 25-year repayment period instead of 40-years while the grace period would also move down from 10 years to five years as well as an interest rate change of about 1.3 to 1.5 per cent.
Nevertheless, CPS is intended to support both the federal and state governments boost development initiatives for Nigerians.
The new partnership strategy, jointly developed with the government of
The new CPS focuses on promoting growth and job creation by reforming the power sector, enhancing agricultural productivity, and increasing access to finance.
It also aims to improve the quality and efficiency of social service delivery at the State level to promote social inclusion as well as strengthening governance and public sector management, with gender equity and conflict sensitivity as essential elements of governance.
Speaking at the launch in
She added that the new CPS had become attractive by helping to create jobs by investing productive sectors including agriculture and power sector as well as access to finance and revolution in housing among others. She said the Breton woods institution's financial assistance on annual basis had been rapid in the country.
According to her, total
World Bank Country Director for
Also at the launch, Governor of
Also, Governor of
Most Popular Stories
- Toxic Algae Threatens Florida Fishing, Tourism
- Stocks Rise Before Fed Statement
- Fed Signals It Will Keep Key Rate at Record Low
- Occupy Wall Street Buys Up Student Debt
- Eva Mendes Gives Birth to a Baby Girl
- Hispanic Groups Lead Voter Registration Drive
- Cool Features on Today's New iOS 8
- Kohl's Hiring 67,000 for the Holidays
- FedEx Adding 50,000 Holiday Jobs
- Plus-Size iPhones Live Up to The Hype