Boko Haram insurgency, World Bank to spend $2.1 billion rebuilding North-East

The World Bank plans to spend 2.1 billion dollars in rebuilding the ravaged North-eastern part of Nigeria as a result of Boko Haram insurgency.

This was revealed on Tuesday at a meeting in Washington DC with representatives of the World bank, the Bill and Melinda Gates Foundation, and the World Health Organisation (WHO).

The President however, noted that apart from rebuilding the region proper assessment of needs must be done, thereby requiring the World Bank to send a team, which would work in concert with a team from the Federal Government.

He also stated that in terms of infrastructure, priority must be given to the resettlement of the over one million Internally Displaced Persons (IDPs) within the region.

The World Bank plans to spend the 2.1 billion dollars through its International Development Agency (IDA), which gives low interest rates loans to governments. 

According to the plan, the first 10 years will be interest-free, while an additional 30 years will be at lower than capital market rate.