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Dec
17
2023
By The African Mirror
World Bank to provide $750 mln for clean energy projects in Nigeria

World Bank to provide $750 mln for clean energy projects in Nigeria

NEWS
THE World Bank's fund for poor countries plans to provide a credit of $750 million for clean energy projects in Nigeria to increase electricity in Africa's most populous nation, the International Development Association said. The bank said that more than 85 million people lacked access to electricity in Nigeria as of 2021, with households and businesses reliant on expensive diesel and petrol generators. It said the Distributed Access through Renewable Energy Scale-up (DARES) project will be financed by the International Development Association credit and provide access to new or improved electricity supplies to more than 17.5 million Nigerians. "To further…
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Dec
17
2020
By The African Mirror
Sudan welcomes U.S. move to clear $1 bln in arrears to World Bank

Sudan welcomes U.S. move to clear $1 bln in arrears to World Bank

BUSINESS
SUDAN's finance ministry has welcomed the U.S. Treasury's move to clear $1 billion in Sudanese arrears to the World Bank after its removal from Washington's list of terrorism sponsors. The move allows Sudan to access $1.5 billion annually in funds from the International Development Association (IDA), which is an arm of the World Bank. Sudan's presence on the list had cut it off from much-needed financial assistance and foreign investment in the midst of an economic crisis marked by shortages in wheat and fuel. Acting finance minister Heba Ahmed said on Monday that the U.S. Export-Import Bank would also provide…
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