FG in talks with World Bank for $1bn loan for power sector

The Federal Government said it is discussing with the World Bank to secure a $1 billion loan for the development of the power sector.  Minister for Finance, Ahmed Zainab said this at a press briefing to mark the end of the 2019 Spring Meetings of the World Bank and the International Monetary Fund (IMF) in Washington DC, USA, Monday.

She said that various MDAs would be carried along to fast track the process. According to her,  “We also met with the World Bank Power Sector team and discussed the way forward on the Proposed $1 billion Nigeria Performance Based Loan (PBL). We agreed to bring relevant MDAs together to ensure that we advance this in a timely manner. “We will also discuss the Country Portfolio Performance of Nigeria which currently stands at $9.8 billion with the Nigerian Country team at the World Bank and how we could manage the portfolio for optimum results.”