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World Bank approves Nigeria’s $750m COVID-19 economic recovery programme

By News Desk

The World Bank has declared as “effective“ Nigeria’s 750-million-dollars COVID-19 Action Recovery and Economic Stimulus (NG-CARES) Programme, adding that the initiative would help the country resuscitate its economy from effect of coronavirus.

The global financial body explained that the Federal Government had met all the conditions for eligibility for the credit line, saying the country’s plan of action would aid quick recovery of the economy.

The Chairman, Federal CARES Technical Committee, Aso Vakporaye, noted that the World Bank recommendation was contained in a letter which the Country Director of World Bank Office in Nigeria, Shubham Chaudhuri, addressed to the Minister of Finance, Budget and National Planning, Zainab Ahmed.

Vakporaye recalled that the apex government sought the assistance of the World Bank in funding its people- centred Post COVID-19 Economic Sustainability Plan.

According to him, President Muhammadu Buhari has promised to lift 100 million people out of poverty in 10 years. The NG-CARES Programme is one of the strategic actions being taken to achieve this presidential mandate.

“Each of the 36 states of the federation will get a nominal allocation of 20 million dollars, while the Federal Capital Territory (FCT) will get 15 million dollars under the Programme for Result (PforR) financing instrument of the World Bank.

“This is an emergency intervention Programme, built on three result areas with 11 disbursement linked indicators (DLIs). Results Area One: focuses on Increased Social Transfers, Basic Services, and Livelihood Support to Poor and Vulnerable Households.

“Results Area Two will address the issue of increasing food security and safe functioning of food supply chains; and Results Area Three will support initiatives aimed at facilitating the recovery and enhancing capabilities of micro and small enterprises across the federation and the FCT,” he said.

Vakporaye said that the NG-CARES programme objectives were to expand access to livelihood support and food security services and provide grants for the poor and vulnerable households, as well as firms.

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