The
World Bank launched Nigeria’s Country Partnership Strategy, CPS, in Abuja,
yesterday, with a funding allocation of $8 billion over the next four years.
According
to its strategy document, CPS is aimed at helping Federal and state governments
boost socio-economic development for Nigerians.
Under
this new CPS,
Nigeria has officially moved to “blend status” for World Bank
lending.
This
allows the country to continue to access the IDA window and start accessing the
International Bank for Reconstruction and Development, IBRD, window.
The
overall indicative allocation is US$8 billion.
Additional
support will be provided by the International Finance Corporation, IFC, and the
Multilateral Investment Guarantee Agency, MIGA.
Speaking
at the occasion, the World Bank Country Director for Nigeria, Ms. Francoise
Marie-Nelly, said the CPS was a response to Nigeria’s efforts at achieving a
sustained socio-economic development, creating jobs for her teaming youths and
reducing poverty in an economy of inclusive growth.
She
said: “The new strategy is a joint product, developed in close consultation
with the government of Nigeria and stakeholders under the Country Assistance
Framework.
“It
is a strategic platform developed by Nigeria’s partners to coordinate
interventions and leverage resources to deliver strong results and development
solutions.
“It
reflects Nigeria’s development aspirations and commits the World Bank Group to
working hand in hand to unleash Nigeria’s potential for the benefit of
Nigerians.”
Vanguard
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