Simon Ateba covers the White House, the U.S. government, the International Monetary Fund, the World Bank and other financial and international institutions for Today News Africa in Washington D.C. Simon can be reached on email@example.com
The Nigerian Minister of finance Zainab Ahmed announced on Sunday that the World Bank had approved $3 billion loan for Africa’s most populous nation to expand its electricity transmission and distribution infrastructure.
Speaking at a press conference in Washington D.C. at the end of the 2019 World Bank and International Monetary Fund Meetings, Zainab Ahmed said the loan will be released in four tranches of $750 million each and could be expanded to $4 billion.
The money, she said, would also be used to pay previous loans in the power sector.
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Officials from the Ministry would be at the World Bank in April to receive the first installment of the loan, she said in her remarks and in questions and answers session.