Federal Gov't Approves $1.5bn, $80m World Bank, AfDB Loans

The federal government has approved an application for $1.5 billion in financing from the World Bank.

This even as the government approved another $80million financing from the African Development Bank .

He explained that in a world grappling with high interest rates to combat inflation, Nigeria’s efforts to restore economic balance and prudent financial management have garnered support from multilateral development banks. “They do it by restricting money, keeping interest rates high so that you can get inflation down. What that means is that interest rates for everybody else become not just high but very painful, if not on affordable within that context.

“And that was what was presented to the Federal Executive Council and the members approved that we go ahead with that financing even that it is affordable.” Edun said the project will enable training, employment opportunities, and participation in the ever-growing technological landscape in Nigeria.

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