Cross River To Benefit From $140m World Bank Community Development Fund

In Breaking News, National News, Reports

by crossriverwatch admin

world bank

Cross River State Community and Social Development Program will benefit from the approved World Bank additional funding of $140m (One Hundred and Forty million Dollars) for Community and Social Development Projects in Nigeria.

This revelation was contained in the first quarter report of the Cross River State Community and Social Development Agency (CSDP) which also revealed that the additional credit from the International Development Association, (IDA) would be repayable in 40 years including a grace period of 10years.

The report stated that the Project Development objective of the Community and Social Development Project additional funding would remain unchanged.

As a result of the additional financing, one component comprising overall and Project Support Coordination, Capacity Building and Partnership Development in State Ministries and Local Government Areas, Community Driven Investment Facility and Vulnerable Groups Investment Facility has been added to the project.

According to the report, the proceeds from the project shall be applied to fund activities in four categories and the currency for the additional financing is the Special Drawing Right (SDR) as it was in the initial credit.

Also, the additional financing has necessitated the revision of the performance indicators to place emphasis on support to the vulnerable and disenfranchised households and individuals.

In the light of this, prospective participating State Governments are expected to provide a take-off government contribution in the sum of N150m (One Hundred and fifty million Naira) only to their State Agencies to qualify for disbursement of the additional financing.

The report recalled that, the Environmental and Social Impact Assessment (ESIA) of the Okwangwo Bemi River Minu Bridge at Okwangwo, Boki Local Government Area (LGA) has disengaged the services of the first consultant and engaged another at the instance of the World Bank.

The process of implementing recommendations of the Consultant will commence as soon as Agency obtains a ‘No Objection’ from the World Bank.

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