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WB to provide Nigeria with US$8 Billion for Projects over Next 4 Years

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10 May 2014 – Washington, DC, USA – The World Bank announced on April 25 a new Country Partnership Strategy (CPS) for Nigeria which would increase its development assistance to the country for job creation, social service delivery and governance to about US$2 billion per year through the International Development Association (IDA) and International Bank for Reconstruction and Development (IBRD) financing.

140510-pmwj23-nigeria-IMAGEThe new CPS which covers the period of FY2014-2017 introduces a change in the country’s borrowing status. Nigeria was declared credit worthy for IBRD financing last year and is officially entering blend status from July 1, 2014.

This CPS has been prepared in the context of the World Bank’s renewed commitment to the twin goals of reducing extreme poverty and promoting shared prosperity in Nigeria and globally. It is fully aligned with Nigeria’s development agenda, Vision 20: 2020, and its medium-term strategy for realizing that vision; the Transformation Agenda.

In support of these objectives, the CPS program is structured around three areas: (a) promoting diversified growth and job creation by reforming the power sector, enhancing agricultural productivity, and increasing access to finance; (b) improving the quality and efficiency of social service delivery at the State level to promote social inclusion; and (c) strengthening governance and public sector management, with gender equity and conflict sensitivity as essential elements of governance.

“The CPS seeks to address inequalities in income and opportunities for the poor and vulnerable by developing more effective mechanisms for social service delivery including social protection programs, education, health and water service delivery” said Marie Francoise Marie-Nelly, World Bank Country Director for Nigeria.

The CPS represents the joint World Bank Group’s program under a common donor platform known as the Country Assistance Framework (CAF) and would work in close cooperation among development partners to enhance the effectiveness and transformational impact of national efforts and avoid duplication of tasks. This approach of the CAF is proving as very effective for better coordination and synergies among partners’ strategies of support to Nigeria.

“The bulk of the financing program will focus on increasing installed power generation and transmission capacity and improving the efficiency and governance of electricity delivery” said Indira Konjhodzic, World Bank Task Team Leader for the CPS. She added, “Boosting agricultural productivity, improving farmers’ linkages with agro-processors, and increasing access to finance including long time financing to the citizens particularly women is a major focus of this partnership strategy”

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The World Bank Group is one of the world’s largest sources of funding and knowledge for developing countries. It comprises five closely associated institutions: the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA), which together form the World Bank; the International Finance Corporation (IFC); the Multilateral Investment Guarantee Agency (MIGA); and the International Centre for Settlement of Investment Disputes (ICSID). Each institution plays a distinct role in the mission to fight poverty and improve living standards for people in the developing world. For more information, please visit www.ifc.org, www.worldbank.org, and www.miga.org.

Since 1947, the World Bank has provided financing for more than 11,600 projects in over 100 countries.  To learn more about past and current IBRD projects, visit http://web.worldbank.org/WBSITE/EXTERNAL/PROJECTS/0,,contentMDK:21790401~menuPK:5119395~pagePK:41367~piPK:51533~theSitePK:40941,00.html

Source: The World Bank