Nigeria, now 3rd largest debtor in World Bank’s scheme
Nigeria has become the 3rd largest debtor to the World Bank’s International Development Association as of June 30, 2024, surpassing its previous position as the 4th largest borrower. According to the World Bank, Nigeria’s loan exposure from the IDA rose to $16.5 billion as of June.
This was published in a financial statement dated June 30 2024, recently released by the World Bank. The IDA, a key arm of the World Bank, provides concessional loans& grants to the world’s poorest countries.
These loans, characterised by low interest rates & extended repayment periods are designed to promote economic growth, reduce inequalities & improve living conditions in developing nations. The loans to Nigeria increased by $2.2 billion compared to the $14.3 billion recorded at the end of 2023.
Ahead of Nigeria on the IDA debt list are Bangladesh, with $20.5 billion, followed by Pakistan with $17.5 billion exposure. India occupies the 4th spot with $15.9 billion, while Ethiopia, Kenya & Vietnam followed.
