THE CABLE
Wale Edun, minister of finance and coordinating minister of the economy, says the country has qualified for a World Bank loan of $2.25 billion.
Edun spoke during a press conference held at the annual meetings of the International Monetary Fund (IMF) and World Bank Group on April 20.
The package, he said, was approved by the board of directors of the World Bank, and offers a 40-year term, a 10-year moratorium, and a one percent interest rate.
“If you look at the fact that we have qualified for the processing, just this week to the board of directors of the World Bank of a total package of $2.25 billion,” he said.
“There is no such thing as a free lunch but it is the closest you can get to free money.
“It is virtually a grant. It is about 40 years, 10 years moratorium and about one percent interest. That also is part of the flow that you can count.”
In addition, he said the country has also secured similar budgetary support and low-interest funding from the African Development Bank (AfDB).
