Nigeria Borrows $2.1bn From The Worldbank To Rebuild Its North East Region

The Nigerian government has obtained a credit of about $2.1 billion from the World Bank with the aim of rebuilding the devastated North East Region

of the country due to attacks by the Boko Haram      terrorist groups.

This was unfolded on Tuesday at a meeting in Washington DC when the Nigerian president Mr. Buhari commended the World Bank for its package while currently on a four day official visit to discuss bilateral issues with US president Barack Obama.

The said meeting was attended by the Nigerian president Mr. Buhari, the Bill and Melinda foundation including representatives of the World Health Organization (WHO)

In line with the agreements between the Nigerian and American governments through their respective presidents the first 10 years of the loan would be classified as interest free while the an additional 30 years will be at a lower than capital market rate.

“The World Bank will spend the $2.1 billion dollars through its (international Development Agency), which gives low interest rate loans to governments” Mr. Buhari said.

President Buhari also made clear that the loan would aside from rebuilding the northeast region be used as a source of aid to the currently internally displaced persons numbering about 1 million.

On its part, the WHO is also to invest up 300 million dollars on malaria immunization in Nigeria to meet up Mr. Buhari dream of a country that would be malaria and polio free in the next two years.

Nonetheless, the Nigerian president has urged the World Bank to send a team which would cooperate with his Nigerian team for proper assessment and to achieve objectives