The World Bank has defended its $75 million loan to Edo State Government, saying it grants significant funding only to governments it trusts will use the funds judiciously to achieve its development results.
Speaking yesterday at a 3-day retreat for members of the State Executive Council and Permanent Secretaries holding at the Transcorp Hilton Hotel, Abuja to brainstorm and re-strategise on raising the bar on governance in the state, with the theme, “Finishing Well”, two top executives of the World Bank,
Mrs Gloria Joseph Raji and Dr Khwima Nthara said the Bank trusts Edo State Government to use the fund properly as it only provides support to governments the Bank trusts to use its funds for development results.
The Bank executives said “Each time we came to Edo, we were quite impressed that we were taken around to see the results of these reforms and that is why it was easy for us at the world Bank to sell the reforms programmes in Edo to our Board in Washington.”
Mrs. Gloria Joseph Raji, Senior Economist, Macro-Economic and Fiscal Management, World Bank, Nigeria said, “through programmes for result financing, the World Bank provides finance for governments with a focus on result and capacity building. So disbursement of funds is based on specific program results that have been pre-agreed on between the bank and respective governments.
“For example, we could say, if you achieve this level of vaccination with your own resources, then we will disburse some money to you”.
Nice efforts from the world bank to the improvement of Nigeria and the world at large.
More international bodies should follow same.
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