Nigeria among top beneficiary countries for World Bank IFC loans

Nigeria was ranked sixth among the 10 countries most exposed to funds and support from the International Finance Corporation, which is a member of the World Bank Group, which focuses on the private sector in emerging markets and developing economies. .

This was featured in the IFC 2021 Annual Report: Meeting the Moment.

As of June 30, India topped the list of countries with a profit of $ 6.91 billion, representing 10.77% of the global portfolio. China with a profit of 4.75 billion dollars represented 7.40% while Turkey with a profit of 4.44 billion dollars represented 6.92 percent.

Brazil was fourth with a profit of $ 3.68 billion, or 5.75 percent, while South Africa was fifth with a profit of $ 2.49 billion, or 3.89 percent.

Nigeria was sixth with a profit of $ 2 billion, representing 3.12%, while Colombia was seventh with a profit of $ 1.76 billion, representing 2.75%.

Vietnam was eighth with a profit of $ 1.67 billion, or 2.60%; Mexico was ninth with a profit of $ 1.59 billion, or 2.48 percent; and Indonesia was tenth with a profit of $ 1.53 billion, or 2.38 percent.

In FY2021, IFC invested $ 31.5 billion in total commitments, including $ 23.3 billion in long-term funding and $ 8.2 billion in short-term funding in support of private companies and financial institutions in emerging and developing economies, leveraging the power of the private sector to end extreme poverty and boost shared prosperity.

IFC has supported programs in Nigeria, particularly in the private sector.

For example, IFC has helped produce face masks and other personal protective equipment, the report says.

The report reads: “IFC’s Global PPE Consulting Program, launched in 2021, provides hands-on support to manufacturers in emerging markets (Ethiopia, Jordan, Kenya, Mauritius, Nigeria, Sri Lanka and Vietnam) who turn to the production of PPE. ”

He also said IFC was helping ensure access to rapid and accurate COVID-19 testing in Nigeria and some countries in sub-Saharan Africa.

The report says, “In most wealthy countries, getting tested for COVID-19 is routine.

“But in many parts of Africa, these diagnoses, one of the first lines of defense against the novel coronavirus, remain elusive.

“As of August 2021, the continent, home to 1.1 billion people, had performed around 47 million COVID-19 tests; the United States alone administered nearly 10 times that number.

“The scarcity of testing has left patients blindfolded and public health officials trying to fight the pandemic blindfold.

Copyright PUNCH.

All rights reserved. This material and any other digital content on this website may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without the express prior written permission of PUNCH.

Contact: [email protected]

Comments are closed.