World Bank, AfDB To Provide Loan For Infrastructure Projects In Enugu

The World Bank, and Africa Development Bank (AfDB) have announced that they will be providing loan support to the Enugu State infrastructural investment projects.

The financial institutions disclosed their support at the Investment and Economic Growth Round Table discussion held in the state on Friday monitored by THE WHISTLER.

The state Governor had announced it plans to harness the resources in the state, to boost the economy, provide employment, and stem the poverty level in the state.

The World Bank Country Director, Shubham Chaudhuri, said although the federal government has a role to play in investment, the major key player is the state government.

Chaudhuri said, “The states’ actions on business reform is a $150 million program that incentivizes the state and creates the space for private investment to flourish. And the reason this is done is because the executive governors of Nigerian states have more authority than any other elected official in Nigeria.

“A governor can completely change the landscape of investment in a state by creating a business-enabling environment and connecting private businesses through initiatives that support one needs.

“This is what the round table is about. Emphasis on having natural assets is important, but what helps transform those natural assets into true competitiveness is the leadership, business, policy space, and regular uncertainty that are manmade and dependent on political decisions that can be controlled.

“We will be supporting Enugu state through concessional financing in a range of areas. Primary health care, business enabling reforms, agriculture, and agricultural business development.”

According to Chaudhuri added that most financing that the state will need must come from the private sector to enable the actualization of the desired goal.

“Most financing for investment projects in Enugu state will need to come from the private sector. One of the key priorities I highlighted to his excellency Peter Mbah in the Enugu state revenue was revenue mobilization.

“The state needs to mobilize revenue itself so it can make the type of investment only the private can make. In Nigeria every year we provide concessional financing of over two to three billion dollars. But Nigeria’s financing needs are running into tens of hundreds of billions.”