W’Bank Gives Nigeria 30 Years to Repay $350m Rural Power Fund
Nigeria will have about 30 years to repay the World Bank the $350 million it borrowed from it to fund the expansion of access and supply of electricity to rural communities, educational institutions and underserved micro, small and medium enterprises (MSMEs) in the country under the Nigerian Electrification Project (NEP).
THISDAY gathered from the Bank that the country would, however, get an initial five years’ grace on the repayment of the loan which was approved in June 2017, by the Bank, to be disbursed through it International Development Association (IDA) credit window.
According to the fact sheet on the loan, the NEP is to be managed by the Rural Electrification Agency (REA) and will leverage private sector investments in solar mini grids and standalone solar systems to provide electricity to about 2.5 million people and 70,000 MSMEs……..read more
Source: This Day