The World Bank Board of Executive Directors has approved 575 million dollars additional financing in International Development Association (IDA) credit to scale up its support to Nigeria’s North-East.
The information is contained in a statement obtained from World Bank’s website on Thursday in Abuja.
It stated that the support fund would help to rebuild livelihoods in the region, which is home to 1.8 million Internally Displaced Persons (IDPs).
It noted that the Boko Haram insurgency had taken a toll on the six northeast states of Borno, Yobe, Adamawa, Taraba, Bauchi and Gombe “and the states cannot meet the most pressing needs of the millions of people affected by the ongoing conflict.’’
The World Bank estimated that some 15 million people had been affected by the crisis.
According to it, a recent North-East Nigeria Recovery and Peace Building Assessment produced by Federal Government with the support of World Bank, the European Union (EU) and the UN, quantified the damages caused by the crisis.
The assessment, it added, also identified three strategic areas of intervention to restore stability in the region.
The strategic areas are promoting peace and social cohesion, rebuilding infrastructure and social services and creating conditions for economic recovery.
The bank stated that Rachid Benmessaoud, its Country Director for Nigeria, had said that the needs of the region were staggering.
The bank statement quoted Benmessaoud as saying “millions of people have lost their livelihoods, schools and health facilities have been destroyed and the psychosocial impact of the crisis must also be addressed.
“To help create economic opportunities for the most vulnerable, we have identified a set of initiatives that will have a quick and tangible impact on the population in four priority areas: agriculture, education, health and social protection.’’
The statement indicated that the World Bank support would be in four sectors.
In the social protection sector, 75 million dollars would be for Nigeria’s Community and Social Development Project to provide immediate basic social infrastructure, as well as psychosocial support to communities most affected by displacement.

http://www.centurynewsng.com/2016/06/13/world-bank-approves-575m-scale-up-support-for-north-east-nigeria/

This News is confusing.

Who took the loan?the North East States were mentioned,but the report does not state if they or Nigeria took the loan.

More clarification needed.

good

Good if it has no strings attached