World Bank to invest $60m in Edo State
31 October 2011
The World Bank has confirmed it will invest $60 million (£37.4 million) in Nigeria's Edo State for various infrastructure projects.
According to Allafrica.com, the funding institution was satisfied with the performance of governor Adams Oshiomhole's administration and will use the money to fund development in the area.
Marie Marie-Nelly, the World Bank's director for Nigeria, confirmed that two 450 Mw power projects will be situated in Edo State in a bid to boost the country's electricity generation.
Ms Marie-Nelly commended the administration, noting that the state's social indicators are above the national average, although she did point out that the money granted was $15 million less than originally planned.
She added that the bank had been given the go-ahead to proceed and looked "forward to visiting the project sites to see the achievements".
It was recently revealed that the various infrastructure projects funded by the World Bank in Nigeria will have reached a total value of $4 billion by 2013.