Saturday, 19 October 2013

NET EXTRA: Nigeria, Ethiopia, Kenya ranked as largest recipient of World Bank loans

Goodluck Jonathan

African countries have been ranked as the largest recipients of World Bank loans.

According to Business Daily, the World Bank which aims at reducing poverty in the world has listed Nigeria as its largest recipient with Ethopia and Kenya following close
Just last month, the World Bank approved a $300 International Development Assistance (IDA) credit to Nigeria for affordable mortgages for middle-income and lower income families.

Reports also have it that Kenya has been ranked the third biggest borrower of World Bank loans in Africa over the past five years receiving a total of Sh53 billion World Bank loans since July 2008 which also shows the country’s heavy reliance on the institution for development and infrastructure funding.

However, no reactions have come from the presidents or finance ministers of these countries.

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