Nigeria among Top Countries to Benefit from World Bank IFC Loans

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Nigeria was ranked sixth among the top 10 countries with the highest fund exposure and support from the International Finance Corporation, a member of the World Bank group that focuses on the private sector in emerging and developing countries.

This was included in the IFC Annual Report 2021: Meeting the Moment.

As of June 30, India topped the list of countries with profits of $ 6.91 billion, accounting for 10.77 percent of the global portfolio. China, with a profit of $ 4.75 billion, accounted for 7.40 percent while Turkey, with a profit of $ 4.44 billion, accounted for 6.92 percent.

Brazil, with a profit of 3.68 billion

Nigeria ranked sixth with a profit of $ 2 billion, which is 3.12 percent, while Colombia, with a profit of $ 1.76 billion.

Vietnam was in eighth place with a profit of $ 1.67 billion, which is 2.60 percent; Mexico was in ninth place with a profit of $ 1.59 billion, which is 2.48 percent; Indonesia ranked tenth with a profit of $ 1.53 billion, which is 2.38 percent.

In the 2021 financial year, IFC invested a total of 31.5 billion to end extreme poverty and increase common prosperity.

The IFC supports programs in Nigeria, particularly in the private sector.

For example, IFC helped make face masks and other personal protective equipment, the report said.

The report said: “IFC’s global PPE advisory program, launched in 2021, provides hands-on support to manufacturers in emerging markets (Ethiopia, Jordan, Kenya, Mauritius, Nigeria, Sri Lanka and Vietnam) who focus on PPE manufacturing.

It also said the IFC is helping ensure access to fast and accurate COVID-19 testing in Nigeria and some sub-Saharan countries.

The report said, “In most affluent countries, getting a COVID-19 test is routine.

“But in many parts of Africa these diagnostics, one of the first lines of defense against the novel coronavirus, are still difficult to come by.

“By August 2021, the continent, home to 1.1 billion people, had carried out around 47 million COVID-19 tests; the United States alone administered nearly ten times that number.

“The lack of testing has deserted patients and public health officials who have tried to fight the pandemic blindfolded.

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