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World Bank approves $346m for projects in Nigeria, others

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The World Bank has announced the approval of $346m for two projects targeted at strengthening resilience and livelihoods in the Lake Chad region, comprising of Nigeria, Cameroon, Niger and Chad.

According to a statement from the World Bank, the projects to be financed through the International Development Association, will be shared between the four countries.

According to reports, the Multi-Sectoral Crisis Recovery Project for North Eastern Nigeria, Additional Financing – for which the bank allocated $176m – will help the Federal Government to improve access to basic services and livelihood opportunities for crisis-affected communities in Adamawa, Borno and Yobe states.

It is also expected that the project will enhance coordination among the states and other Lake Chad countries.

The project is an expansion on the ongoing $200m MCRP project, putting increased emphasis on support for agricultural livelihoods and investments.

Read also: COVID-19: States to get $1.5bn from World Bank as economic stimulus

The MCRP Additional Finance will equally provide support for labor-intensive approaches and works programs, promote rural and regional connectivity, rehabilitate market infrastructure, and prioritise climate change adaptation and mitigation.

The project, according to the World Bank, will also expand its education and health activities by providing grants to school committees and incentives to returning teachers.

The bank further said that the Lake Chad region suffers from poor development and economic indicators compared to the averages in other areas in the four countries.

According to the World Bank Director of Regional Integration for Africa, Deborah Wetzel, the Lake Chad region remains a priority area of engagement as a result of the common nature of the challenges faced by the sub-region and the huge potential for regional cooperation.

“The framework being created by both PROLAC and the MCRP AF will lay the foundation for future regional and coordinated investments that will improve access to regional markets, promote value-chains development and revive cross-border and regional trade,” she said.

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