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World Bank Approves $750m Electricity Facility For Nigeria

Published by Fakinlede Tope John on December 18th, 2023.

World Bank Approves $750m Electricity Facility For Nigeria

Also speaking, the Minister of Power, Chief Adebayo Adebalu, said, “I am excited to contribute to this revolutionary movement, emphasizing innovative financial instruments like the DARES program. These initiatives not only unlock the full potential of the off-grid sector but also fuel investments, propelling forward clean energy solutions.

“The ripple effect reaches unserved and underserved communities, unlocking access to a realm of clean and equitable energy for all. It’s a powerful journey of empowerment and transformation”.

The DARES program will support Nigeria in closing its electricity access gap and accelerate its transition towards sustainable, efficient, and economically viable electricity supply, demonstrating what can be achieved through effective collaboration and partnerships between the Government, private sector, and development partners.

The International Development Association (IDA) is the World Bank’s fund for the poorest.

IDA loans with maturities ranging from 25 to 40 years, grace periods of 5 to 10 years, and interest rates of between 1.5% -2.8%, depending on whether the borrower is a blend country and to which degree it is eligible.

A regular IDA eligible borrower may take advantage of no-interest loans