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Wednesday, 22 July 2015

Nigeria to borrows $2.1b from World Bank to rebuild North East

According to reports the federal government has gotten a $2.1b loan to fight insurgency in the north east. The money is also meant to rehabilitate displaced people in the region which has been ravaged by Boko Haram.

According to Buhari.........
"The World Bank will spend the 2.1 billion dollars through its (International Development Agency), which gives low interest rates loans to government".

"The first 10 years will be interest free, while an additional 30 years will be at lower than capital market rate. The World Bank is eager to move in quickly, give out the loans, and give succour to the people of North-east, long at the mercy of an insurgency that has claimed over 20,000 souls.

"WHO is also to invest 300 million dollars on immunization against malaria in Nigeria, while the Bill and Melinda Gates Foundation will collaborate with Dangote Foundation to ensure that the country maintains its zero polio case record of the past one year".

President Buhari also appealed to the World Bank to send a team to work with the Federal Government in carrying out proper needs assessment of people of  in the region.

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