Nigeria Requests Extension for $500 Million World Bank COVID-19 Loan

Nigeria has officially requested the World Bank extend the deadline for a significant $500 million loan designated for the country's COVID-19 response. This move highlights Nigeria's continued dedication to using the funds entirely for pandemic preparedness and response. They're seeking an extension from the revised deadline of February 29, 2024, to June 30, 2024. Continue Reading...

A World Bank document explains the reasoning behind the request. It emphasizes the substantial progress Nigeria has made in addressing COVID-19, exceeding the ambitious goal of 70% vaccination coverage among eligible Nigerians.

The core reason for the extension request is to ensure sufficient time for a well-organized conclusion to the project's implementation phase. The formal extension request, detailed in a government letter, proposes a four-month extension to allow for a comprehensive wrap-up of project activities.

Project Background

The Nigeria COVID-19 Preparedness and Response Project, approved by the World Bank Board of Executive Directors on August 6, 2020, and implemented on March 15, 2021, was designed to strengthen Nigeria's ability to prevent, detect, and respond to COVID-19 at the state level.

Funded through an International Development Association (IDA) credit of roughly $100 million and a Pandemic Emergency Financing (PEF) facility grant of $14.28 million, the project aimed to improve Nigeria's strategic and operational preparedness for the pandemic. An additional $400 million was later approved to support the acquisition and deployment of COVID-19 vaccines, underscoring the project's dual focus on immediate response and long-term management, coordination, and monitoring of the situation.

Looking Ahead

The World Bank is currently considering Nigeria's extension request. With Nigeria exceeding its vaccination target and demonstrating commitment to proper project completion, the extension seems likely. This additional time will allow for a more organized conclusion to the project, ensuring its effectiveness in combating COVID-19.

Source:

Nairamatic

Bz Data Sell Website https://bzdatasell.com.ng

Install our App Bz Data Sell on Play store

https://play.google.com/store/apps/details?id=bz.datasell

Join Our Whatsapp Group

https://www.bzglobalservice.com.ng/p/join-our-groups-whtasapp-now-to-get-any.html

Our WhatsApp Channel

https://whatsapp.com/channel/0029Va4hi718vd1Mifphp11s

Our Facebook Page

https://www.facebook.com/bznews1?mibextid=ZbWKwL

Our Android App