FG SET TO DISBURSE WORLD BANK GRANTS TO NIGERIANS, SAYS MORE APPLICANTS NEEDED
World Bank disburses $13.63bn loans, grants to Nigeria The World Bank has disbursed a total of $13.63bn in loans and grants to Nigeria as of March 31; a summary of the country’s debt portfolio provided by the bank has shown. The disbursement is out of a total of $21.44bn that had been approved by the bank’s Board of Directors. The total approval is made up of International Development Association credit of $11.65bn and International Bank for Reconstruction and Development’s loan of $7.14bn. The IDA is the World Bank Group’s window for concessional lending to less developed countries, while the IBRD is the window for lending at commercial rates. As of October 31, 2017, the total approval for Nigeria stood at $9.55bn; total disbursement stood at $6.98bn; undisbursed loans were $1.56bn; while borrowers’ obligation stood at $2.14bn. The latest loan for the country was the $490m IDA credit approved in the first quarter of this year. With the $13.63bn disbursement, t