The request for a $3.45 billion loan from the World Bank to pay for five items was approved by the Federal Executive Council on Monday.

They consist of initiatives for women’s empowerment, the power sector, renewable energy, the states’ resource mobilization program, and the adolescent girls’ initiative for learning and empowerment.

 

The FG would proceed to receive the $3.5 billion “zero-interest” loan payable over 40 years with a 10-year moratorium, according to Wale Edun, Minister of Finance and Coordinating Minister of the Economy, in a statement to State House Correspondents. This means that payments would start in 2033.

“Today at the Federal Executive Council, I presented five memos which were gracefully approved by the Council. They had to do with concessional and, in many cases, zero-interest financing by the World Bank and the International Development Association, which is the very concessional financing arm.

“The projects that were approved for funding were in the power sector and then the renewable energy sector. There was funding for states for resource mobilisation programmes to help them with the internally-generated revenue efforts.

 

There was a project for adolescent girls’ initiative for learning and empowerment. And then finally the fifth financing that was approved was for Women project,” he explained.