The World Bank has declared as “effective“ Nigeria’s 750-million-dollars COVID-19 Action Recovery and Economic Stimulus (NG-CARES) Programme.
Mr Aso Vakporaye, the Chairman, Federal CARES Technical Committee, made this known in a statement he issued on Tuesday in Abuja.
Vakporaye explained that the World Bank recommendation was contained in a letter which the Country Director of World Bank Office in Nigeria, Mr Shubham Chaudhuri, addressed to the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed.
He said that the World Bank stated that the Federal Government had met all the conditions for eligibility for the credit line.
Vakporaye recalled that the Federal Government sought the assistance of the World Bank in funding its people-centred Post COVID-19 Economic Sustainability Plan.
“President Muhammadu Buhari has promised to lift 100 million people out of poverty in 10 years.
“The NG-CARES Programme is one of the strategic actions being taken to achieve this presidential mandate.