Monday, February 05, 2007

World Bank Approves $25 Million Loan for Nigeria Poverty Reduction

World Bank lends 25 million dollars for Nigeria's poverty reduction project
World Bank Approves US$25 Million to Support Community-Based Poverty Reduction Project

Last week, the World Bank Board of Executive Directors approved a $25 million loan for additional funding for the Community Based Poverty Reduction Project (CPRP) in Nigeria. The CPRP, which was approved in 2000 for $60 million and will be implemented in eight of Nigeria’s states, intends to improve access social and economic services and increase the availability and management of development resources at the community level.

World Bank’s supplemental credit will end on August 31, 2008. The credit will fund the completion of about 600 community-based poverty reduction projects currently underway. The funds will also help maintain the momentum of the Community-driven development approach throughout Nigeria until the federal government completes its nationwide community development project. Additionally, the funding will be used to respond to demands and requests from community groups for poverty reduction projects in all the states currently implementing the CPRP.

According to Foluso Okunmadewa, the World Bank Task Team Leader for the project, “the additional funding will continue to support government efforts to empower communities to become agents and beneficiaries of change to improve the lives of their citizens.”

1. To meet its goals of increasing the poor’s access to services and improving management and development resources at the community level, will a total of $85 million be enough?

2. How should World Bank representatives ensure that Nigeria uses its funds according its original plan to further the goals of the CPRP?

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