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Nigeria Ranks 6th Among Countries Benefitting From World Bank Loans

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Nigeria is placed sixth among the top ten countries having the greatest exposure to World Bank cash and assistance.

According to the International Finance Corporation (IFC), a member of the World Bank Group, Nigeria was sixth with a benefit of $2 billion, accounting for 3.12 percent of the total, while Colombia was seventh with a benefit of $1.76 billion, accounting for 2.75 percent of the total.

According to the IFC, India topped the list of countries with a benefit of $6.91 billion, accounting for 10.77 percent of the worldwide portfolio as of June 2021.

It was also revealed that China profited with $4.75 billion, accounting for 7.40 percent, while Turkey benefited with $4.44 billion, accounting for 6.92 percent.

Brazil, on the other hand, came in fourth with a benefit of $3.68 billion, accounting for 5.75 percent of the total, while South Africa came in fifth with a benefit of $2.49 billion, accounting for 3.89 percent of the total.

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Vietnam came in eighth place with a benefit of $1.67 billion, accounting for 2.60 percent; Mexico came in ninth place with a benefit of $1.59 billion, accounting for 2.48 percent; and Indonesia came in tenth place with a benefit of $1.53 billion, accounting for 2.38 percent.

According to IFC, it has invested $31.5 billion in total commitments. These include $23.3 billion in long-term financing and $8.2 billion in short-term financing to private firms and financial institutions in emerging and developing nations, leveraging the private sector’s potential to reduce extreme poverty and increase shared prosperity.

 

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