Nigeria is to receive $120-million (98 million euros) loan from the World Bank for the provision of water in rural areas, an official statement said on Wednesday.
A finance ministry statement said the agreement for the loan was signed in Abuja between Nigeria’s Finance Minister Ngozi Okonjo-Iweala, Water Resources Minister Mukhtar Shagari and officials of the bank.
It said under the agreement, the World Bank will provide $120-million, while Nigeria will provide a counterpart funding of $20-million to assist the state-run National Water Reform Project.
It said the International Development Agency loan will attract 0,7% commitment charge to be repaid over 30 years with a 10-year grace period.
World Bank country director in Nigeria Mark Tomlinson said the loan was approved as part of the bank’s efforts to eradicate poverty in the rural areas. – Sapa-AFP