FG Approves $3.45bn World Bank Loan Application For Power, Empowerment

Wale Edun

The Federal Executive Council on Monday approved the application for a $3.45bn loan to finance five items. They include projects in the power sector, renewable energy, states’ resource mobilisation programme, 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, told State House Correspondents that the FG would proceed to receive the $3.5bn “zero-interest” loan payable within 40 years with a 10-year moratorium, meaning payments would begin from 2033.

Edun explained, “Today at the Federal Executive Council, I presented five memos which were gracefully approved by the Council. They had to do with concessional and, in many cases, zero-interest financing by the World Bank and the International Development Association, which is the very concessional financing arm.

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