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Nigeria can now access loan from IBRD, IDA

08 July 2014, 15:23

Abuja - The World Bank has finally found Nigeria credit worthy and accorded it with the much anticipated 'Blend Status.

The new status allows the country to now seek developmental loans from both the International Development Association (IDA) and International Bank for Reconstruction and Development (IBRD).

The country officially entered blend status on July 1, 2014.

This was contained in the Bank's new Country Partnership Strategy (CPS) for 2014 to 2017 which was launched on Monday in Abuja.

It stated: "Nigeria was declared creditworthy for IBRD financing in FY2013 and is officially entering blend status in FY2014."

Essentially the new status implies that the country would have the opportunity to access loans from both the IDA and the IBRD within a particular period, but on different repayment conditions.

Before now, the country was only eligible to borrow from the IDA window which offers a 40-year payment plan with a 10-year grace period at no interest rate charge.

Beneficiaries only pay a service charge of about 0.75 percent.

With the new status, however, the country would have to adjust to a new IDA repayment plan of 25-year repayment period instead of 40-years while the grace period would also move down from 10 years to five years as well as an interest rate change of about 1.3 to 1.5 percent.

-    NAN

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