FG seeks $5bn World Bank loan for power sector

The Federal Government might be seeking a loan of $5billion from the World Bank Group to boost power availability in Nigeria, according to The Punch.

The World Bank had in April stated that a powerful delegation from Nigeria was in Washington DC to discuss assistance for the nation’s power sector, but did not disclose the details of the talks. However, investigations showed that the Federal Government was actually seeking a loan of $5bn to be channelled into the power sector in order to boost electricity availability in the country.

At the end of the April meeting, the Director of Operations at the Multilateral Investment Guarantee Agency, an arm of the World Bank Group, Sarvesh Suri, said a full range of instruments would be deployed to help the government mobilise investments directly from the private sector and through private sector guarantees.




Leave a Reply

Your email address will not be published. Required fields are marked *