Nigeria: World Bank to help fund new infrastructure projects
1 August 2012
The World Bank has announced that it is to help finance a number of significant infrastructure projects in the west African state of Nigeria.
According to the Bank, it is set to provide a seed fund of $200 million to create a Financial Intermediary Loan (FIL) scheme under the Public Private Partnership (PPP) initiative.
The long-term aim of the scheme is to help provide funding for infrastructure projects, which are seen as being key to sustainable economic expansion.
Joe Ohiani, the head of legal and governance at the Infrastructure Concession Regulatory Commission, conceded that in the initial phase, he experienced trouble getting various groups to abide by the PPP rules.
But by the end of 2012, he expects as many as 20 new projects to hit the market.
"We have developed a robust database of concessions already entered into by the Federal government," he explained to the news provider.