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World Bank grants FG fresh $195m loan

By Emma Ujah
ABUJA  —  THE World Bank has given the Federal Government a fresh $195 million loan to fight malaria  in the country and for the Eko Secondary Education Project in Lagos.

The loan has pushed up the country’s total  foreign debt portfolio to $3.6 billion.

According to the World Bank’s Country Director, Dr. Onno Ruhl, who signed the loan agreement with the Federal Government on behalf of the bank, in Abuja, yesterday, fighting malaria was being given priority owing to its high death rate among children.

He explained that $100 million of the total sum would be for the malaria control booster project, while the balance of $95 million would be for the Eko Secondary Education Project.

The Director said the facility given under the bank’s International Development Agency’s was concessionary  with a repayment period of 40 years, including a 10–year moratorium.

IDA facilities attract a commitment charge of 0.50 per cent per annum payable on the undisbursed amount and a service charge of 0.75 per cent per annum payable on the amount withdrawn.

The Minister of Finance, Dr. Mansur Mukhtar, who signed on behalf of the federal government assured that the money would be put to good use.


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