WORLD BANK OKAYS $346M FOR PROJECTS IN NIGERIA, OTHERS

 In Investor News

The World Bank has approved $346M for two projects aimed at strengthening resilience and livelihoods in the Lake Chad region. A statement from the World Bank on Wednesday explained that the projects, to be financed through the International Development Association, would be shared by Cameroon, Chad, Niger and Nigeria.

The Multi-Sectoral Crisis Recovery Project for North Eastern Nigeria, Additional Financing – for which the bank allocated $176M – will help the Federal Government to improve access to basic services and livelihood opportunities for crisis-affected communities in Adamawa, Borno and Yobe states.

The project will also enhance coordination among the states and other Lake Chad countries. The project, according to the World Bank, expands the ongoing $200m MCRP project and puts an emphasis on support for agricultural livelihoods and investments.

The MCRP AF will provide support for labour-intensive approaches and work programmes, promote rural and regional connectivity, rehabilitate market infrastructure and prioritise climate change adaptation and mitigation. The project will also expand its education and health activities by providing grants to school committees and incentives to returning teachers.

The second project, the Lake Chad Region Recovery and Development Project, valued at $170M, is expected to support national and regional coordination platforms and local capacity building in selected provinces of Cameroon, Chad, and Niger. The statement added that PROLAC would contribute to the rehabilitation of rural roads and small transport infrastructure, and promote productive investments in the affected the areas.

According to the World Bank, the Lake Chad region suffers from poor development and economic indicators compared to the averages in other areas in the four countries. The World Bank noted that since 2009, the situation in the region had been worsened by insecurity due to the activities of insurgents.

The projects are also aimed at improving the living conditions of the population, including vulnerable women and youths who face the negative impact of climate change and suffer from insecurity.

https://punchng.com/world-bank-okays-346m-for-projects-in-nigeria-others/

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