World Bank Approves $3 Billion Loan for Nigeria To Expand Power Grid

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The World Bank has approved a $3 billion loan for Nigeria to expand its electricity transmission and distribution infrastructure.

According to TheCable, the loan will be released in four tranches of $750 million each and could be expanded to $4 billion, citing Finance Minister, Zainab Ahmed.
She made this known on Sunday while addressing journalists on the activities of Nigeria at the annual meetings of the International Monetary Fund (IMF) and World Bank Group.

“We made two sets of requests to the bank. The first is technical assistance from the bank to implementing agencies especially the Nigeria Electricity Regulatory Commission (NERC) on the review of the performance improvement plans of the distribution networks,” she said.

“Two, we asked for technical assistance on business continuity regulation as well as to the ministry of finance in the assessment of contingent liabilities in the power sector and options of dealing with them.

“And most importantly, we put a request for the financing of the sector at the range of $1.5 billion to $4 billion. At the end of the day, it is like we would be looking at the funding size of $3 billion that will be provided in four tranches of $750 million each.

“Our plan is that the team will be able to go to the World Bank for the approval of the first tranche in April 2020.

 According to the minister, a team from Nigeria will visit the World Bank in April 2020 to get approval for the release of the first tranche of the loan.

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