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The World Bank is to support Nigeria’s Power Sector Recovery Programme (PSRP) with not less than $1billion.
In a statement on Wednesday, the Bank explained that its delegation had informed the Federal Government that it was pleased with progress in implementing the early actions of the PSRP.
Meanwhile, the modalities are to be worked out before a request is forwarded by the Nigerian Government to the global Bank.
Part of the Bank statement read:“The World Bank is committed to assisting the Federal Government with programme implementation, working closely with the PSRP Implementation Monitoring Team, which reports directly to the Vice President of Nigeria.
“The World Bank will continue the preparation of the proposed $1billion performance-based loan to support the programme. The Federal Government and the World Bank Group agreed on the necessary next steps to present the PBL to the World Bank’s Board of Executive Directors for their consideration.”
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