LAGOS, Nov. 10 (Chinese media) -- The World Bank has offered Nigeria the opportunity of a fresh loan of 3 billion U.S dollars to improve its infrastructure, reported the Punch newspaper on Monday.
Simeon Ehui, senior official of the bank disclosed this at the weekend when visiting foreign journalists and alumni of the International Institute of Journalism, led by Head of the institute Astrid Kohl, visited the bank, noting that the window of opportunity is open between 2009 and 2011.
Ehui, who represented Country Director of the bank Onno Ruhl, said the country was eligible to get 3 billion U.S dollars to support development projects and eradicate poverty as a result of improvement in the economy.
According to Ehui, the 3 billion U.S dollars for three years is a concessionary loan with zero interest rate, adding that it will not add any burden on Nigeria.
He said the loan has been offered to Nigeria because of the massive improvement in the economy.
"As at 1994, there was no commitment by the bank in Nigeria, but the World Bank's commitment in Nigeria has grown since 1999 to2.2 billion U.S dollars in 2006 and over 2.5 billion U.S dollars currently," he said.
The senior bank official explained that the loan was tied to several developmental projects, including education, health, roads and agriculture, adding that it was an International Development Association concessionary loan with no interest rate apart from administrative charges.
He noted that Africa now had an additional seat on the World Bank board, but added that the country or region to take the slot was being finalized.
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