The World Bank has declared the USD750 million Nigeria COVID-19 Action Recovery and Economic Stimulus (NG-CARES) Programme effective.
According to a statement signed by the Chairman, Federal CARES Technical Committee, Aso Vakporaye, a Letter from the Country Director of World Bank Office in Nigeria, Mr. Shubham Chaudhuri, addressed to the Minister of Finance, Budget and National Planning, Mrs. Zainab S. Ahmed, confirmed that the Federal Government has met all the conditions of eligibility of the Credit.
It would be recalled that the Federal Government had earlier sought the assistance of the World Bank in funding its people-centered Post COVID-19 Economic Sustainability Plan.
Mr. Vakporaye explained that President Muhammadu Buhari had promised to lift 100 million people out of poverty in 10 years and that the NG-CARES Programme is one of the strategic actions being taken to achieve this Presidential Mandate.
He said under the programme, each of the 36 States of the Federation will get a nominal allocation of USD20 million and the FCT USD15 million under the Programme for Result (PforR) financing instrument of the World Bank.
According to Mr Vakporaiye, the NG-CARES Programme is an emergency intervention Programme, built on three (3) Result Areas with eleven (11) Disbursement Linked Indicators (DLIs).
The first Result Area focuses on Increased Social Transfers, Basic Services, and Livelihood Support to Poor and Vulnerable Households; while the second Result Area will address the issue of Increasing Food Security and Safe Functioning of Food Supply Chains.
The third Result Area will support initiatives aimed at Facilitating the Recovery and Enhancing Capabilities of Micro and Small Enterprises across all the States and Federal Capital Territory.