FG Engages World Bank in $1.5 Billion Loan for Human Capital Development

By Douglas Jones 

In a bid to bolster Nigeria's human capital development, the Federal Government has initiated talks with the World Bank for a fresh $1.5 billion loan, as revealed by recent findings from PUNCH.

Dubbed as HOPE (Nigeria Human Capital for Opportunities and Empowerment), this loan aims to enhance the delivery of basic education and primary healthcare services in participating states. Information regarding the loan was obtained from the official website of the Washington-based institution.

The loan is scheduled to be implemented in2024, pending approval by the board of the World Bank Group. Additionally, discussions on five other loan projects are currently underway, according to the findings.

Among these projects is a $300 million initiative aimed at providing solutions for internally displaced persons and host communities. Another project, with a budget of $500 million, focuses on scaling up rural access and agricultural marketing. Furthermore, a sum of $750 million has been allocated for the Nigeria distributed access through renewable energy scale-up project. Lastly, sustainable power and irrigation for Nigeria will receive a significant boost with a loan of $700 million.

These loan projects signify the government's commitment to addressing critical issues such as education, healthcare, renewable energy, and rural development. By partnering with the World Bank, the Federal Government aims to create opportunities and empower its citizens, ultimately fostering sustainable growth and development across the nation.

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