The World Bank has declared the $750 million Nigeria COVID-19 Action Recovery and Economic Stimulus (NG-CARES) programme effective. The World Bank stated among others, the federal government has met all the conditions of eligibility for the credit.
This is contained in a letter by the country director of World Bank office in Nigeria, Mr Shubham Chaudhuri addressed to the minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, according to statement that was signed by chairman, federal CARES technical committee, Aso Vakporaye.
The federal government had sought the assistance of the World Bank in funding its post COVID-19 economic sustainability plan.
President Muhammadu Buhari promised to lift 100 million people out of poverty in 10 years. The government is banking on the NG-CARES programme as one of the strategic actions to achieve the presidential aim.
The statement said each of the 36 states of the federation will get a nominal allocation of $20 million, while the Federal Capital Territory gets $15 million under the programme for result financing instrument of the World Bank.
It is an emergency intervention programme, built on three result areas with 11 disbursement linked indicators.
sults area are: focuses on increased social transfers, basic services, and livelihood support to poor and vulnerable households; address the increasing food insecurity and safe functioning of food supply chains; and also support initiatives aimed at facilitating the recovery and enhancing capabilities of micro and small enterprises across all the states and FCT.
The NG-CARES programme aims to expand access to livelihood support and food security services, and grants for poor and vulnerable households and firms”.