The Board of the World Bank Group is expected to meet and decide on approving a $500m loan to Nigeria today (Friday) to boost rural access and agricultural marketing in the country, The PUNCH reports.
According to information obtained from the Washington-based institution on Thursday, the loan is for the Rural Access and Agricultural Marketing Project—Scale Up.
It is designed to bridge the gap between rural communities and the broader marketplace, facilitating smoother access to agricultural markets, schools, and hospitals and promoting social cohesion among rural populations.
The World Bank is expected to approve the loan project worth $500m by Friday, December 13, 2024.
The PUNCH earlier reported that the Federal Government was negotiating with the World Bank for the loan.
According to a document on the loan seen by our correspondent, states willing to participate in the project are required to have a fully functional Roads Fund and Roads Agency with appointed boards and staff, and provisions for administrative costs in the state budget.
