Nigeria’s loans from World Bank, AfDB rise to $14.35bn under Buhari - Punch Newspapers
This means that the commitment of the banks to the country rose by $7.11bn within the period under review. This represents an increase of 98.48 per cent.A breakdown of the group’s portfolio in the country shows that a greater part of the loans was obtained from the International Development Association, an arm of the World Bank that specialises in giving concessional loans to poor and fragile countries.
With a commitment of $11.51bn, the World Bank is responsible for 35.02 per cent of Nigeria’s foreign portfolio of $32.86bn as of March 31. On December 14 2020, for instance, the World Bank approved a $1.5bn loan to Nigeria, earmarked for two projects: Nigeria COVID-19 Action Recovery and Economic Stimulus Programme and The State Fiscal Transparency, Accountability, and Sustainability Programme.
One of the loans approved by the Board of Directors of the AfDB to the Nigerian government is a financing package comprising $150m ADB loan, $100m ADF loan and the £5m RWSSI Grant Facility, to finance the Inclusive Basic Service Delivery and Livelihood Empowerment Integrated Programme on December 14, 2016.
As of March 31 2021, 54.26 per cent of the country’s external debt portfolio belonged to multilateral organisations including the International Monetary Fund , Arab Bank for Economic Development in Africa , European Development Fund and Islamic Development Bank and $223.28m from International Fund for Agricultural Development.Nigeria’s is currently indebted to the following bilateral agencies: Export Import Bank of China, with a portfolio of $3.
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