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COVID-19: World Bank unveils $93bn support package for poorest countries

The World Bank yesterday announced a $93 billion replenishment package of the International Development Association (IDA) to help lowincome countries respond to the COVID-19 crisis and build a greener, more resilient, and inclusive future. The financing brings together $23.5 billion of contributions from 48 high- and middle-income countries with financing raised in the capital markets, […]

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World Bank cuts Nigeria’s 2021 growth forecast

The World Bank has revised downwards Nigeria’s 2021 growth forecast to 1.1 per cent from the 1.7 per cent it projected for the country in June last year. The bank, which made the forecast in its semiannual Global Economic Prospects report released yesterday, said it cut Nigeria’s growth forecast for this year by 0.6 per […]

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World Bank: 115m more people to go into extreme poverty

Extreme poverty is set to rise this year for the first time in more than two decades, with coronavirus expected to push up to 115 million people into that category, the World Bank has said. The bank said in its biennial, “Poverty and Shared Prosperity Report,” that the pandemic is compounding the forces of conflict […]

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Nigeria edges closer to securing $3bn World Bank facility

Nigeria is close to securing a total of $3 billion as loan from the World Bank, the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, has said. The Minister, who disclosed this during a Citi Bank Investor update call with the Nigerian government yesterday, stated that negotiations with the World Bank “is on […]

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