News
World bank to grant world’s poorest nations $24bn
The World Bank announced it has raised about $24 billion to provide loans and grants for some of the world’s poorest nations that it can leverage to generate a record $100 billion in total spending power.
Known as the International Development Association (IDA), donor countries committed $23.7 billion to replenish the bank’s concessional lending arm, a World Bank spokesperson told AFP, marking a slight increase from the roughly $23.5 billion pledged during the last fundraising round three years ago.
The bank can use the money to borrow on financial markets, allowing it to leverage the amount raised by around four times, unlocking around $100 billion in new loans and grants, up from $93 billion in 2021.
A World Bank statement read, referring to the current IDA funding round that they believed the historic success of this IDA21 replenishment was a vote of confidence and support from donors and clients.
The World Bank President Ajay Banga said in a separate statement that the funding would be deployed to support the 78 countries that need it most, referring to the developing countries that are eligible for IDA support.
He said, “It will help provide resources to invest in health, education, infrastructure, and climate resilience, as well as helping to stabilize economies and create jobs.”
The World Bank’s announcement, according to the statement, followed two days of talks in the South Korean capital, Seoul, a city still reeling after President Yoon Suk Yeol declared martial law late on Tuesday local time, before backtracking under pressure from lawmakers.
The International Development Association (IDA), has become the single largest source of concessional, or below-market, climate finance, and around two-thirds of all IDA funding over the past decade has gone to support countries in Africa, according to the World Bank.
It’s replenishment is a crucial part of the bank’s operations, and happens once every three years, with much of the funding coming from the United States, Japan and several European countries, including the United Kingdom, Germany and France.
This year, the statement explained that the United States announced ahead of time that it would commit a record $4 billion in new funding to the IDA, while other countries, including Norway and Spain, also significantly stepped up their financial support.
Thirty-five former recipients of IDA assistance have graduated from developing economy status in recent decades, including China, Turkey and South Korea, with many of them now donors to the fund.
News
Watch current episode of Your family Lawyer as Chinye breaks down intricacies of bloodlines, DNA tests
Again, Chuma Chinye a seasoned lawyer in last Saturday’s podcast of Your family Lawyer adequately thrashed out intricacies associated with DNA tests and bloodlines in family matters.
WATCH:
Protests erupted in Jos, the Plateau State capital, on Monday morning over the continued killings of indigenous residents by gunmen suspected to be Fulani militants.
The demonstrations, led by Christian leaders including the state chairman of the Christian Association of Nigeria, Rev. Polycarp Lubo, commenced on Monday morning at the Fawvwei Junction community road, causing a heavy gridlock and stranding commuters.
The latest protest comes amid a surge in violent attacks by gunmen in various communities, with over 100 people killed in Bokkos and Bassa LGAS in the past two weeks.
“We are not happy over the continuous attacks and killings by gunmen in our communities. That’s why we have come out again to protest these happenings,” said Gyang Dalyop, one of the protesters.
Another protester, Hannatu Philip, called on the government to intervene before it spirals out of control.
The protesters brandishing placards with different inscriptions were seen marching towards the Rayfield Government House.
The Presidency has said the former Labour Party, LP, presidential running mate, Yusuf Datti Baba-Ahmed is no match for President Bola Tinubu.
Tinubu’s Special Adviser on Media and Public Communication, Sunday Dare was reacting to Datti’s remark that he (Tinubu) would not run for the presidency in 2027.
The former LP running mate insisted that Tinubu’s time is up, adding that everything is there for the president and the ruling All Progressives Party, APC, to see that they lose in 2027.
Dismissing such remark, Dare likened Datti’s comment to the new year predictions of charlatan ‘prophets’ which never come through.
In a statement he signed, Dare said the likes of Peter Obi and Datti would have been president left for the latter’s theories.
According to Dare, Datti has chosen to venture into an unfamiliar terrain.
The statement reads partly: “Yusuf Datti Baba-Ahmed’s “illogical logic” was all over the place in his recent interview with a television channel.
“Listening to Yusuf Datti Baba- Ahmed spurn his postulations about the political future of Nigeria and that of the incumbent President is like listening to the new year predictions of charlatan ‘prophets’ which never come through. Yusuf Baba Ahmed and his co-traveller Peter Obi are indeed a “double whammy“ in the Nigerian political space.
“He chose to base his political calculations on President Bola Tinubu not winning a second term given his antecedents and because Nigerians will decide at the polls among other things. He conveniently avoided the substance of performance and capacity.
“Unfortunately, he chose to walk into a lane he was unfamiliar with and chose to confront a politician he is no match for.”
Similarly, the Presidency had also stressed that Tinubu will reveal his plans for a second term at the right time.
It said the APC 2027 presidential campaign billboards had no links to Tinubu and Vice President Kashim Shettima.
-
News9 hours agoBREAKING! Pope Francis is dead
-
News14 hours agoRetirees with outstanding loans may lose property – FG
-
News6 hours ago
UPDATED: How Pope Francis transited, last activity, health challenges, others
-
News23 hours agoIsrael’s remote controlled bulldozers breaking ground in Gaza war
-
News14 hours agoSad as hotelier slumps, dies at wife’s 60th birthday thanksgiving
-
News23 hours ago70-hour Chess Marathon: Onakoya reportedly breaks record set by Norwegians
-
News9 hours agoFemi Ojudu: We Understand His Bitterness Being A Political Coupist– Lere Olayinka bombs Ojudu over comment on wike
-
Metro15 hours ago77-year-old Nigerian Uber driver shot dead in US, passenger in critical condition