Thursday, 2 July 2015

World Bank approves N39.4bn loan for Lagos

The Board of Executive Directors of the World
Bank has approved $200m (about N39.4bn)
credit to Lagos State to support a range of
reforms relating to fiscal sustainability, budget
planning, budget execution and the investment
climate in the state.
A statement issued by the bank on Wednesday
said the facility would help sustain the state’s
recent economic growth and poverty reduction,
while helping it to continue to deliver social
services to the expanding population.
The credit from the International Development
Association segment of the World Bank Group
supports the Third Lagos State Development
Policy Operation and is the last of a series of
two development policy operations, which aim to
improve public finances and the investment
climate in a fiscally sustainable manner.
In the past decade, Lagos State achieved
significant economic growth, improved its
infrastructure and services, significantly reduced
crime, and brought millions of people out of
poverty, the bank said.
The World Bank Task Team Leader for the
project, Jariya Hoffman, said with enhanced
budget transparency and efficiency, adequate
funding could be shifted to programmes to
benefit the state’s booming population,
especially the poorest families.
“The operation’s focus on furthering
improvements in the transparency of the budget
system, effectiveness of public expenditures, and
the business climate will help sustain the pace of
economic growth and thus the state’s positive
momentum towards income equality and the
delivery of public services,” he said.
The World Bank Country Director for Nigeria,
Marie-Francoise Marie-Nelly, said, “This
operation is designed to assist Lagos State in its
quest to continue its recent success in spite of
the challenges brought on by rapid economic
and population growth.

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