By Samuel Oyadongha

Yenagoa— The World Bank is to invest $57.74 million in Bayelsa State for a period of five years.

The funds will come under the Steering Committee of the World Bank Assisted State Employment and Expenditure for Result (SEEFOR) Project.

Giving a breakdown of the figure at the inauguration of the 21-member committee in Yenagoa, yesterday, Governor Seriake Dickson explained that the World Bank was expected to assist the state to the tune of $37.74 million and an additional financing of $20 million as grant from the European Union.

Dickson, who said government had made an approval of N150 million as counterpart funding to the project for the 2012 fiscal year, noted that the amount was government’s demonstration of its resolve to collaborate with the World Bank on the project.

He said: “The preparedness of the World Bank to assist the state is an attestation of the confidence the restoration agenda of this administration is building in foreign investors and international donors.”

He said the SEEFOR Project Committee had the responsibility of overseeing the implementation of the state empowerment and expenditure for projects financed by the World Bank.