Buhari Signs $ 2.1 Billion World Bank Loan For The North

President Muhammadu Buhari have agreed to collect USD$ 2.1billion loan from world bank for north east development. The President made the commendation today at a meeting in Washington DC with representatives of the bank, the Bill and Melinda Gates Foundation, and the World Health Organisation (WHO). He, however, noted that apart from rebuilding the region in terms of infrastructure, priority must also be given to the resettlement of Internally Displaced Persons (IDPs),
who now number over one million. President Buhari urged the World Bank to send a team, which would work in concert with a team from the Federal Government, so that a proper assessment of needs could be done. The World Bank would spend the 2.1 billion dollars through its IDA (International Development Agency), which gives low interest rates loans to government. The first 10 years will be interest-free, while an additional 30 years will be at lower than capital market rate.