World Bank Earmarks $170 Billion Lifeline for Nigeria, Others

World Bank Earmarks $170 Billion Lifeline for Nigeria, Others

Between now, April 2022 and June 2023, the World Bank Group’s President, David Malpass, stated that the bank’s working on a crisis response of roughly $170 billion in financing capacity to handle Nigeria’s and other crisis-ridden nations’ wide-ranging demands.

Malpass observed that the event was important because it took place amid a period of overlapping global crises during his speech to the Development Committee of this year’s World Bank/International Monetary Fund Spring Meetings.

“Bank group is working on a crisis response of roughly $170 billion in financing capacity to fulfil the wide-ranging demands of client nations between April 2022 and June 2023,” Malpass was quoted as saying in a newsletter headlined “Helping countries cope with numerous crises.”

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“This is based after the Bank Group’s quick spike in finance in response to COVID-19, which delivered $157 billion over a 15-month period to help nations handle the pandemic’s health, economic, and social repercussions.”

The Development Committee, a ministerial-level body that represents 189 member nations of the two organisations, stated in its chair’s statement that the repercussions will be felt primarily in low- and middle-income countries, particularly by their most vulnerable citizens, such as women and children.

According to the letter, economic recovery is jeopardised due to geopolitical tensions, with investment, commerce, and growth being harmed, even as nations face additional threats from the pandemic and unequal vaccine deployment.

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According to the minister, Nigeria has a 70% road infrastructure gap. N100 billion from the UN climate fund remains unavailable to Nigeria and others. – Nigeria’s Entrepreneurial Potential for Double-Digit Growth, in NiMet’s Opinion

Malpass explained how the difficulties were hurting the global economy in his statements to the committee. He emphasised that the war in Ukraine has resulted in crimes against people as well as the loss of lives and livelihoods.

The consequences are being felt all around the world, with rising energy and food costs disproportionately affecting the poorest people, notably in Africa and the Middle East.

He stated, “The battle must stop now.”

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