World Bank $750million grant and loan facility accessible to all the states

Filed in Business by on May 17, 2020 0 Comments
World Bank $750million grant – The ministry of finance has announced that the 36 states of the federation and the Federal Capital Territory (FCT), will soon access World Bank $750million grant and loan facility. On this post are ways of accessing these loans and grants facility gathered by Recruitment Gist.

World Bank $750million grant

In a statement signed by the S.A to the Minister of Finance on Media and Communications, Mr. Paul Ella Abechi, said this was made known by the Minister of Finance, Mrs. Zainab Shamsuna Ahmed, while addressing the 7th Community of Practice (CoP) made up of state Commissioners of Planning and Budgeting in Abuja.

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Mrs. Ahmed displayed  that states will continue with their fiscal responsibility which will serve as platform to access the loan and grant from the World Bank.

The Community of Practice meetings enhance the state Commissioners of Planning and Budget’s capabilities in performing their functions and serve as platforms for facilitating peer learning and information exchange, strengthening coordination, collaboration and networking.

World Bank $750million grant and loans facility

The finance minister disclosed that; “…during the course of these meetings we had the benefit of hosting the World Bank and several other communities, including the Governors’ Forum.  During the course of this exercise, the Ministry of Finance had to, according to the instruction from President Mohammad Buhari, provided interventions to the state because at an extent, states were not able to pay workers’ salaries.

The minister added that “this year was so good that the World Bank said this group has done well and therefore we are going to give World Bank $750million grant in the form of concession loans and grant which will be available soon for the states to access”.

She told the states that “we are in the process of going to the Federal Executive Council (FEC) to get the approval; the World Bank on its own has already approved this and others. So we hope that you will continue to implement your fiscal responsibility so that you will qualify for this facility as well as the grant.

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She also charged the CoP to make monitoring of the process of implementation of budget a cardinal objective, because it would benefit and enhance what they are doing to improve the standard of living of the people in their states.

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