Nigeria Ranks 6th Among Countries Benefitting from World Bank Loans

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

Follow us on:

AriseNews

Recent Posts

Search for Missing Persons Continues After Deadly Valencia Floods

Barcelona faces severe flooding as search and rescue efforts continue.

3 mins ago

Peter Obi Says He Will Turn Night Vigils To Night Shifts + Minors Face Death Sentence – Trending With Ojy Okpe

https://www.youtube.com/watch?v=G8c8PG-x1gg The music producer and composer, Quincy Jones, who worked with Music Legends, including, the…

6 mins ago

Prince William Arrives In South Africa For Earthshot Prize And Wildlife Summit

Prince William visits South Africa for Earthshot Prize, aiming to spotlight climate innovation and support…

38 mins ago

Chad’s President Threatens To Exit Regional Security Force, Citing Ineffectiveness Against Insurgents

Chad's President is considering exiting MNJTF, a regional security force, citing lack of cooperation against…

45 mins ago

Abuja Court Issues Arrest Warrant for Dana Air MD Hathiramani Ranesh over Absence at Fraud Trial

A Federal High Court in Abuja has ordered the arrest of Dana Air MD Hathiramani…

50 mins ago

Equatorial Guinea Anti-Graft Chief Embroiled in Major Sex Scandal, Over 400 Tapes Found Involving Top Officials’ Families

A High-ranking Equatorial Guinean official is facing a major sex scandal with 400 explicit sex…

56 mins ago