World Bank names countries with highest funding beneficiaries, Nigeria, others top list

• Infrastructure improvement is being actively accelerated by governments passim the continent successful a fig of antithetic regions
• The World Bank's lending arm, the International Development Association (IDA), has contributed much than US$287 cardinal successful total
• With an accent connected reaching isolated regions of the continent, the financing is intended to assistance improvement successful the world's poorest nations

Legit.ng writer Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

With an accent connected reaching isolated and underserved regions of the continent, the World Bank's lending arm, the International Development Association (IDA), was founded successful 1960 and has since disbursed implicit US$287 cardinal successful concern to assistance improvement successful the world's poorest nations.

The astir caller highest of IDA lending was during the COVID-19 crisis, with 2021 signaling 273 times. Photo Credit: FG, World Bank
Source: Getty Images

African nations person received somewhat implicit US$210 cardinal in IDA disbursements implicit the program's existence, oregon astir 73% of the total.

With $41.8 billion, oregon 14.5% of the lending, East Asia is the second-largest portion to person funds from the IDA.

After 2001, the frequence and measurement of lending past mostly decreased up until 2009, erstwhile the Global Financial Crisis resulted successful countries needing further concern to screen the outer shocks.

The astir caller highest of IDA lending was during the COVID-19 crisis, with 2021 signaling 273 times, resulting successful a caller peak.

Eight of the apical 10 IDA recipients are African nations; the lone 2 non-African nations are China and Vietnam.

Photo Credit: World Bank, Development reimagined
Source: Getty Images

The apical 10 nations that benefited astir from IDA funds between 1961 and 2024 are listed below;

Ethiopia - $23.4b

Ethiopia tops the database of countries that benefited from the IDA. From 1961 to 2024, study showed that the state received a full of $23.4b successful World Bank funding.

Nigeria - $18.8b

Nigeria is adjacent successful line, ranking 2nd aft Ethiopia. The state has received $18.8 cardinal from the World Bank successful implicit 60 decades.

Vietnam - $18.5b

Vietnam ranks 3rd connected the database coming down Nigeria. According to report, a full of $18.5 cardinal has been gotten truthful acold from the World Bank betwixt 1961 to 2024

Tanzania - $16.7b

Tanzania ranks 4th connected the list. In implicit 60 decades, the state has garnered $16.7 cardinal successful World Bank funding.

Kenya - $14.8b

Kenya follows Tanzania, ranking 5th connected the list. The study showed that Kenya has received $14.8 cardinal successful World Bank backing since 1960.

DR Congo - $11.4b

DR Congo is adjacent connected the database of apical IDA recipients. For implicit 60 years, the state has received $11.4 cardinal from the World Bank.

Ghana - $11.2b

According to the report, Ghana comes adjacent connected the database ranking seventh with $11.2 cardinal payment successful full from the IDA.

China - $10.2b

China received $10.2 cardinal from the World Bank successful 63 years, ranking eighth connected the database of IDA recipient countries.

Uganda - $9.8b

Uganda comes next, ranking ninth, with a full of $9.8 cardinal successful World Bank loans gotten successful implicit 60 decades.

Mozambique - $9.3b

Mozambique emerges connected the bottommost database of apical 10 IDA recipients countries from 1961 to 2024. The state has truthful acold benefitted $9.3 cardinal from the World Bank.

FG Repays Chinese, IMF, World Bank Loans

Legit.ng reported that the Nigerian authorities spent $3.58 cardinal servicing overseas indebtedness successful the archetypal 3 quarters of 2024, representing a 39.77% summation from the $2.56 paid during the aforesaid play successful 2023.

Central Bank of Nigeria (CBN) information shows the magnitude spent connected planetary payments wrong that period.

The emergence successful outer indebtedness work payments indicates the unit connected Nigeria’s fiscal equilibrium amid economical challenges.

PAY ATTENTION: Сheck retired quality that is picked exactly for YOU ➡️ find the “Recommended for you” artifact connected the location leafage and enjoy!

Source: Legit.ng