The Federal Executive Council (FEC) has approved the application for a $3.45 billion loan from the World Bank to finance five projects.
News About Nigeria gathered that the loan will be used for the following projects: the power sector, renewable energy, states’ resource mobilization program, the Adolescent Girls’ Initiative for Learning and Empowerment, and a Women’s Empowerment Project.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, revealed this on Monday, stating that the Federal Government would proceed to receive the $3.5 billion “zero-interest” loan, which is payable within 40 years with a 10-year moratorium. This means that payments will begin in 2033.
In his words: “Today at the Federal Executive Council, I presented five memos, all of which were graciously approved by the Council. They pertain to concessional and, in many cases, zero-interest financing by the World Bank and the International Development Association, the very concessional financing arm.
The approved projects include funding for the power sector and the renewable energy sector. There is funding for states to support resource mobilization programs, aiding them in their efforts to generate revenue internally. There is also a project for the Adolescent Girls’ Initiative for Learning and Empowerment. Finally, the fifth financing approved is for a Women’s Project.”
Edun further explained that the girls’ program, valued at $700 million, will be used to support young girls within secondary school age, equipping them with marketable skills in addition to their academic achievements.
The Minister of Education, Dr. Tahir Mamman, also spoke about the project, revealing that the girls’ program, which initially began in seven states, has now been expanded to 11 states.
He further stated that the empowerment program is designed for girls between the ages of 10 and 20 in these states.
