Nigeria acquires USD1.57B loan from World Bank to improve health services
Date
10/1/2024 5:32:13 AM
(MENAFN) Nigeria has successfully secured financing of up to USD1.57 billion from the World Bank, aimed at enhancing human capital through improved health services for women, children, and adolescents while also building resilience against climate change impacts. The World bank announced this significant funding on Monday, highlighting its commitment to supporting Nigeria's development goals.
The new loan comprises several components: approximately USD500 million is earmarked to tackle governance issues that hinder educational and health services; USD570 million will be allocated to bolster primary healthcare systems; and an additional USD500 million is designated for the Sustainable Power and Irrigation for Nigeria (SPIN) project. Ndiame Diop, the World Bank's country director for Nigeria, emphasized that this financing is crucial for addressing the complex challenges faced by Nigerians, particularly women and girls, in accessing quality services.
Diop noted that the new funding will help improve the governance frameworks that contribute to these challenges, facilitating better access to healthcare and education. The SPIN program is also seen as timely, as it aims to provide protection against floods and drought in the areas where it will be implemented. This initiative is expected to enhance Nigeria's hydropower generation capabilities, contributing to the country's overall resilience and sustainability.
Overall, the financing from the World Bank is positioned to make a significant impact on Nigeria's human capital development and environmental resilience, addressing both immediate needs and long-term challenges faced by the population.
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