Nigeria has been ranked sixth among the top 10 countries with the highest exposure to funds and support from the World Bank.
According to the International Finance Corporation (IFC), a member of the World Bank Group’s annual report, “Meeting the Moment”, Nigeria was sixth with a benefit of $2 billion, accounting for 3.12 percent, while Colombia was seventh with a benefit of $1.76 billion, accounting for 2.75 per cent.
The IFC stated that India led the list of countries with a benefit of $6.91 billion, representing 10.77 percent of the global portfolio as at June 2021.
It disclosed further that China benefited with $4.75 billion, accounting for 7.40 percent while Turkey’s $4.44 fund billion accounted for 6.92 per cent.
Brazil, on the other hand, was fourth with a benefit of $3.68 billion, accounting for 5.75 percent, while South Africa was fifth with a benefit of $2.49 billion, accounting for 3.89 per cent.
Vietnam came eighth with a benefit of $1.67 billion, accounting for 2.60 percent; Mexico was ninth with a benefit of $1.59 billion, accounting for 2.48 per cent; and Indonesia was tenth with a benefit of $1.53 billion, accounting for 2.38 per cent.
IFC said it invested $31.5 billion in total commitments. These include $23.3 billion in long-term finance and $8.2 billion in short-term finance to 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.
Omotayo Araoye
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