The World Bank launched Nigeria’s Country Partnership Strategy, CPS, in Abuja, yesterday, with a funding allocation of $8 billion over the next four years.
According to its strategy document, CPS is aimed at helping Federal and state governments boost socio-economic development for Nigerians.
Under this new CPS, Nigeria has officially moved to “blend status” for World Bank lending.
This allows the country to continue to access the IDA window and start accessing the International Bank for Reconstruction and Development, IBRD, window.
The overall indicative allocation is US$8 billion.
Additional support will be provided by the International Finance Corporation, IFC, and the Multilateral Investment Guarantee Agency, MIGA.
Speaking at the occasion, the World Bank Country Director for Nigeria, Ms. Francoise Marie-Nelly, said the CPS was a response to Nigeria’s efforts at achieving a sustained socio-economic development, creating jobs for her teaming youths and reducing poverty in an economy of inclusive growth.
She said: “The new strategy is a joint product, developed in close consultation with the government of Nigeria and stakeholders under the Country Assistance Framework.
“It is a strategic platform developed by Nigeria’s partners to coordinate interventions and leverage resources to deliver strong results and development solutions.
“It reflects Nigeria’s development aspirations and commits the World Bank Group to working hand in hand to unleash Nigeria’s potential for the benefit of Nigerians.” Click to signup for FREE news updates, latest information and hottest gists everyday
Advertise on NigerianEye.com to reach thousands of our daily users
I pray o Dat de don't eat this money
ReplyDeleteStory. $8b dols gone. Am sure they are already celebrating the sharing formula by nw. Anyway" chai chai, all these money you people are sharing, there is Godoooooo"
ReplyDeleteThe World Bank should know better than to release any form of cash to Nigeria. The country, starting from the President is too corrupt for this type of release. The World Bank may oversee projects in the country and pay for it directly from its accounts but should never release money to the country for any such projects. The truth is that all such money will be stolen by those in charge and the activities will not be initiated or completed. The World Bank ought to know better considering what they know about Nigeria when it comes to corruption.
ReplyDeleteI pray Almighty Allah gives us a strong President that will teach this so called World Bank lesson. World Bank money has never bring solution to countries that take it.
ReplyDeleteInstead of supporting and encouraging corruption and stealing, I suggest World Bank must establish a branch with sole aim of studying countries of the world to identify potentialities of each country. Allah that created this world never leaves any country without resources.
Unless World Bank believes all citizens of the world countries are fools, and it can be dishing out money to good and bad leaders at will to enable it enslaves them. We knew what Nigeria went through before settlement of its previous debts. Did world bank query how the money was spent before giving all sort of deadly conditions for settlement.