Connect with us

News

World bank to grant world’s poorest nations $24bn

Published

on

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.

Advertisement

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.

Advertisement

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.

Advertisement
Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Gov Adeleke Speaks On Death Sentence For Chicken Thief

Published

on

Osun State Governor, Ademola Adeleke, has stepped in to call for immediate action in the case of Segun Olowookere, an indigene who was sentenced to death for stealing a fowl.

Recall Segun’s mother, Folashade Olowookere, emotionally shared the story of her son, who is currently imprisoned, during an interview on Nollywood actress Biola Adebayo’s YouTube podcast. The video gained significant attention, including from Governor Adeleke.

Naijablitznews reports this was contained in a statement from the Governor’s spokesperson, Olawale Rasheed, Adeleke directed a swift investigation and ordered that steps be taken for a potential pardon in Segun’s case. The Governor further instructed the Attorney General to ensure Segun is considered for the prerogative of mercy before the year ends.

The statement read, “I have reviewed the case and acknowledge the importance of the separation of powers in our democracy. In this instance, I have instructed the Commissioner for Justice to begin the process of granting mercy to this young man.

Advertisement

“Osun is a state of justice and fairness. We must uphold the protection of lives and ensure equity.

“I want to assure the public that this matter is receiving my personal attention, and we are acting with urgency as a responsible government.”

Continue Reading

News

Delta Assembly pardons two suspended members

Published

on

The Delta State House of Assembly, on Tuesday, recalled two of its members that were suspended in November over alleged gross misconduct.

The News Agency of Nigeria reports that the recall was announced during plenary in Asaba by the Speaker, Mr Dennis Guwor.

Recall that the Assembly had on November 6 suspended Mr Dafe Chukudi (PDP-Ukwuani) for 14 legislative days over alleged gross misconduct, while Mr Oboro Preyor (PDP-Bomadi) was also suspended for 14 legislative days for the same offense on November 12.

“Dear colleagues, following the allegation of gross misconduct against our suspended members and subsequently, a committee on investigation headed by the Deputy Speaker, Mr Arthur Akpowowo, was set up.

Advertisement

“The committee has commenced investigation. However, the 14 days that they were suspended has elapsed. And by the confidence you all reposed in me as the Speaker of the state House of Assembly, and now that the 14 days of their suspension has elapsed, there is need to recall Mr Dafe Chukudi and Mr Oboro Preyor to resume their duties as members going forward.

“The suspended members are hereby recalled pending on the outcome of their investigative committee.”

Meanwhile, the Deputy Speaker, Mr Arthur Akpowowo, expressed joy over the recall of the lawmakers, saying, “I am very happy that we have lifted their suspension.

“The Speaker has recalled them so that they can celebrate the Christmas with joy and even enter the New Year with some relief of happiness. For me, this is a party gift for me even though I’m not affected.”

Advertisement
Continue Reading

News

Heavy Security Presence at National Assembly as President Tinubu Presents 2025 Budget

Published

on

 

 

By Gloria Ikibah

Ahead of President Bola Ahmed Tinubu’s presentation of the 2025 Appropriation Bill to a joint session of the Senate and House of Representatives at 12 noon today, there is tight security at the National Assembly Complex in Abuja.

Advertisement

As early as 6.00 a.m., operatives of the Department of State Security (DSS) and other security agencies, including the Police, Civil Defence, Federal Road Safety Corps, and Sergeant-at-Arms, were stationed at the gates and within the premises to ensure order and safety during the event. 

Naijablitznews.com reports that staff of the National Assembly were directed to stay home, except those required for the event, who were instructed to report before 8.00 a.m., according to a memo issued by the Director of Human Resources and Staff Development. 

Senators and House members were seen arriving at the Green Chamber, where the joint session is scheduled to take place. On Tuesday, during a closed-door plenary, the House of Representatives followed the tradition of moving a motion to allow non-members into the chamber for the session. 

Naijablitznews.com recalled that the Federal Executive Council (FEC) approved an estimated expenditure of N47.96 trillion for the 2025 fiscal year during its meeting on Monday. 

Advertisement

Meanwhile, business activities within the National Assembly complex, including banking and food services, have been suspended following directives from the Assembly’s management. Only those on an approved list, including staff, media personnel, and members of the press corps, are allowed access after identification at the gate. 

 

The joint session will be presided over by Senate President Godswill Akpabio and Speaker of the House of Representatives Tajudeen Abbas.

Advertisement
Continue Reading

Trending

Copyright © 2024 Naija Blitz News