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World Bank To Spend $2.1 Billion In Rebuilding Northeast





By Samuel Malik

The World Bank has concluded plans to spend about $2.1 billion to rebuild the insurgency-battered North east, a decision President Muhammadu Buhari has lauded.

Femi Adesina, presidential spokesperson, said in a statement that the plan was made known at a meeting between Buhari, the World Bank, the Bill and Melinda Gates Foundation and World Health Organisation, WHO.

The President also urged that in addition to rebuilding the communities, focus should be paid to resettling the internally displaced persons, IDPs.

“The World Bank will spend the 2.1 billion dollars through its IDA (International Development Agency), which gives low interest rates loans to government. The first 10 years will be interest free, while an additional 30 years will be at lower than capital market rate.

“The World Bank is eager to move in quickly, give out the loans, and give succour to the people of North-east, long at the mercy of an insurgency that has claimed over 20,000 souls,” Adesina said.

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In another development, WHO is to also spend $300 million on immunisation against malaria in the country, while Dangote Foundation will partner with the Bill and Melinda Gates Foundation to maintain Nigeria’s achievement in eradicating polio, which saw no case recorded in 2014.

Nigeria will be declared polio-free if it maintains its current stride for the next two years.


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