WORLD BANK GIVES US $486M FOR ELECTRICITY IN NIGERIA

Nigeria Government gets funds from World bank for Electricity Transmission Facility.

The world bank has approved funds to boost electricity transmission in the country. The project will help increase the  power transfer from one region to another in the nation.

Senior Communications Officer, Nigeria Olufunke Olufon, “IDA has since 1960 supported development work in 113 countries through provision of grants and Zero-interest loans for projects and programs. The grants are to boost the economic growth, reduce poverty and improve lives of poor people”.

The bank is also planning to support Private sector participation, capacity development and better governance in the sector. The project will run till 2021. It is aim to improve transparency, service delivery and re-establishing investors’ confidence in the sector.

The Facility “dub “International Development Association” is for rehabilitation and upgrading of electricity transmission substations and lines. The credit and scale up facility will cost US $486m after completion.

For more information, go through the following article on GambetaNews.