World Bank approves $3 billion loan for Nigeria to spend on electricity, minister of finance Zainab Ahmed says in Washington

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.

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.

Read full article

Simon Ateba
Simon Ateba
Based in Washington, District of Columbia, United States of America, Simon leads a brilliant team of reporters, freelance journalists, analysts, researchers and contributors from around the world to run TODAY NEWS AFRICA as editor-in-chief. Simon Ateba's journalistic experience spans over 10 years and covers many beats, including business and investment, information technology, politics, diplomacy, human rights, science reporting and much more. Write him: [email protected]

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Trending Now

Influential African Prophet TB Joshua tells President Trump another bigger crisis coming end of June

Even as violent protests continue to spread across the United States following the death of George Floyd in the midst of...

Trump taken to underground bunker as anti-racism protesters roar outside White House

President Donald Trump was taken to an underground bunker as anti-racism and anti-police brutality protesters roared outside the White House on...

Former African presidents release joint statement backing embattled African Development Bank President Akinwumi Adesina

In an unprecedented move, former African heads of state and government released a jointly signed letter on Friday, backing the embattled...

Can COVID-19 be passed through breastfeeding and should mothers wear face masks before breastfeeding their babies?

The World Health organization (WHO) has provided answers to questions many have about possible links between COVID-19 and breastfeeding, and whether...

Prime Minister Abiy Ahmed, the Nobel Peace Prize winning dictator of Ethiopia

The Nobel Peace Prize winning Prime Minister of Ethiopia Abiy Ahmed Ali is turning Africa's second most populous country into a...
- Advertisement -

TOP NEWS

[/read_more]

Read full article

error: Alert: Content is protected !!
Share
WhatsApp
Reddit
Pin
Share