Tag: world bank

  • World Bank projects 2.2% GDP growth for Nigeria in 2019

    Nigeria’s real Gross Domestic Product (GDP) growth will expand by 2.2 per cent in 2019, the World Bank said in its annual Global Economic Prospects published yesterday. The global lender slightly upgraded the Nigeria’s projected growth rate from 2.1 per cent in June 2018.

    According to the World Bank, growth in Sub-Saharan Africa would accelerate to 3.4 per cent in 2019, due to improved investment in large economies together with continued robust growth in non-resource intensive countries.

    “Per capita growth is forecast to remain well below the long-term average in many countries, yielding little progress in poverty reduction.

    “Growth in Nigeria is expected to rise to 2.2 per cent in 2019, assuming that oil production will recover and a slow improvement in private demand will constrain growth in the non-oil industrial sector.

    “Angola is forecast to grow 2.9 per cent in 2019 as the oil sector recovers as new oil fields come on stream and as reforms bolster the business environment.

    “South Africa is projected to accelerate modestly to a 1.3 per cent pace, amid constraints on domestic demand and limited government spending,” the bank said.

    On the risk to the region’s growth, the World Bank stated that escalated trade tensions between the United States and China could impact negatively on the region.

    “Faster than-expected normalisation of advanced-economy monetary policy could result in sharp reductions in capital inflows, higher financing costs and abrupt exchange-rate depreciation.

    “Increased reliance on foreign currency borrowing has heightened refinancing and interest rate risk in debtor countries,” the noted.

    It said domestic risks, in particular, remained elevated, that political uncertainty and a concurrent weakening of economic reforms could continue to weigh on the economic outlook in many countries.

    “In countries like Mozambique, Nigeria, and South Africa holding elections in 2019, domestic political considerations could undermine the commitments needed to rein in fiscal deficits, especially where public debt levels are high and rising.

  • Global economic growth’ll drop to 2.9%, says World Bank

    Global economic growth is projected to drop from a downwardly revised three  per cent in 2018 to 2.9 per cent in 2019 amid rising downside risks to the outlook, the World Bank said yesterday.

    International trade and manufacturing activity have softened, trade tensions remain elevated, and some large emerging markets have experienced substantial financial market pressures, the global lender said in emailed report.

    Growth among advanced economies is forecast to drop to 2 percent this year, the January 2019 Global Economic Prospects says. Slowing external demand, rising borrowing costs, and persistent policy uncertainties are expected to weigh on the outlook for emerging market and developing economies. Growth for this group is anticipated to hold steady at a weaker-than-expected 4.2 percent this year.

    At the beginning of 2018 the global economy was firing on all cylinders, but it lost speed during the year and the ride could get even bumpier in the year ahead”, World Bank Chief Executive Officer, Kristalina Georgieva, said.

    “As economic and financial headwinds intensify for emerging and developing countries, the world’s progress in reducing extreme poverty could be jeopardized. To keep the momentum, countries need to invest in people, foster inclusive growth, and build resilient societies.”

    The upswing in commodity exporters has stagnated, while activity in commodity importers is decelerating. Per capita growth will be insufficient to narrow the income gap with advanced economies in about 35 per cent of emerging market and developing economies in 2019, with the share increasing to 60 per cent in countries affected by fragility, conflict, and violence.

    A number of developments could act as a further brake on activity. A sharper tightening in borrowing costs could depress capital inflows and lead to slower growth in many emerging market and developing economies. Past increases in public and private debt could heighten vulnerability to swings in financing conditions and market sentiment. Intensifying trade tensions could result in weaker global growth and disrupt globally interconnected value chains.

     

  • World Bank, Oyo govt lift communities

    For years, many communities in Oyo State suffered various challenges, such as poor electricity, lack of access to potable water, bad roads and terrible health facilities. Efforts of the residents to help themselves have also been futile in the face of scare resources. But the intervention of the Oyo State Community and Social Development Agency (CSDA), an agency funded by the World bank, is saving lives in no small way, Yinka Adeniran writes:

    For the people of Irese-pa, Surulere South LCDA, Ogbomosho axis of Oyo state just like some others across the state, the best of health facility available was a small shop equipped with a bench and a plastic chair. The wooden bench serves as table for any ‘official’ paper work during the day, as well as ‘delivery bed’ for pregnant women who needed to be attended to, especially at night.

    Despite the poor condition of both the small shop-like-office named ‘Ilupeju Health Post’ and unavailability of any known medical tools, the expertise of the Community health officer from the local government would not stop many of the poor rural dwellers from approaching the health post for medical attention.

    The situation remained so for a long time and the number of babies delivered on the wooden bench with makeshift headlamp, especially at midnight keeps increasing.

    The community knew they deserved better. Efforts at getting the attention of the local authourities ended up in promises upon promises. Political office holders and aspirants were also not helpful as all their promises remained promises till date. But it was not to be so forever. The story changed when the Community and Social Development Agency (CSDA), Oyo state intervened. Projects executed by the CSDA are christened Community and Social Development Projects (CSDP).

    The story of the people living in Idi-Emi communities, Sepeteri, Saki East LG area of Oyo state was even more worrisome. For many years, the only known source of water was the famous Akindi river. The river which stretches about 300meters did not only serve the people. Animals including cows, rams, goats, pigs etc also drink directly from the source.

    Cholera, diarrhea and such other diseases were common place among the people. The people were not only fully aware of their dilemma but they were just helpless.

    The situation gets funnier during the dry season when getting water becomes a serious issue. While human contends to beat one another to the river to quickly fetch the small available quantity, grazers and herders are also aware of the need to beat resident to it by leading the animals including cows, goats among others to get enough water for the day.

    The nearby bushes around the river also serve as venue for open defecation and refuse dump which makes contamination of the water easier.

    Fighting, bickering, malice, disagreement among others is the order of the day in frequent occurrences. But with the intervention of CSDA, the people are learning to live more happily together without fear of sickness from water contamination.

    Residents in Ogo-Oluwa LG, Ajaawa and Oosu Ayigbiri, Surulere South LCDA, Ogbomosho are not only challenged in terms of poor educational facilities for the children, they have also been sanctioned by the regional and national examination bodies for secondary school leavers due to lack of facilities to allow for easy conduct of final examinations for secondary school leavers.

    Pupils  had to be relocated to other schools  many kilometres away to sit for WAEC and NECO examinations. For many years, the makeshift building used for conducting examination was not only an eyesore but an embarrassment for the entire community. The situation got worse during the rainy season when examination  had  to be suspended as a result of lack of conducive examination hall.

    But with the intervention of the World Bank and Oyo State government through the CSDP, which provided the fund to build a 1,500 capacity examination hall, the school authority’s newest challenge is now how to cope with the massive enrolment of students for terminal examinations including WAEC and NECO.

    In Isale Odo community,  Irepo,  business survival has been on the decline for more than 10 years. Many people who settled into the environment had issue surviving in the face of grounded electricity.

    Many small scale business, enterprises, artisans and those whose means of occupational engagement survive on electricity had closed shops and the inflow of people into the adjourning and neigbouring communities nosedive. Before long, the entire community became a shadow of itself as the people had no access to electricity, yet pleas and appeals to authourities had not yielded any meaningful result.

    The intervention of CSDA through the funding of a 500kva transformer and electricity poles and cables made extension of electricity into the community possible. The communities have not only come back to life, property owners, landlords and people who rent out apartments to residents are now reaping good from the investment while cost of doing business has also crashed, especially for barbers, welders, tailors etc.

     

    Tentacles across the communities

    Since the awareness of the agency in the communities, requests for support have not stopped hitting the desk of the agency beyond what they seem to bargain for. The development necessitated the need for a means of scrutinising each requests and then deciding on where the needs are more urgent.

    Some of the areas of impact include Community High School, Oosu Ayigbiri, Surulere South LCDA, Ogbomosho; Baptist Grammar School Examination Hall, Ogo-Oluwa LG, Ajaawa; Surulere Community, Sakilap, Saki West LG, Ogbere and Anuoluwapo communities in Ona-Ara LG;  Ajelanwa, Ogo Oluwa LG; Emiloju Biti Biti, Saki East LG; Gbodiko, Ibarapa North LG and Holliness Estate, Akinyele.

    Other areas are: Ibere, Ogo Oluwa LG; Idi -Ori/Aba-Opa, Akinyele; Ifedun Oke Ayo, Saki East; Ifeloju Idere, Ibarapa Central; Ifesowapo Igangan, Ibarapa North; Ifesowapo Igboora, Ibarapa Central; Iresapa, Surulere; and Irewole, Saki-East among others.

    Some of the areas of funding intervention include: drilling of motorized boreholes; construction of culvert and retaining wall; construction of community hall; procurement and installation of transformer and electricity extension; roads rehabilitation, construction of examination hall; renovation of blocks of classrooms and equipping with furniture; drilling of mono pump boreholes and construction of Police station and Boys Quarters.

    Others areas are installation of 500KVA transformer and extension of electricity at different places, rehabilitation of existing borehole in rural communities, and construction of Corp members Lodge.

     

    How it works (Community joint funding)

    No doubt, the approach to project award and execution under the CSDA beats all known political approaches to awarding and executing projects. Open governance partnership approach that allows for cost of funding of project to be open to people as well as how the projects are executed is a norm with the CSDA in that funds are only released in tranches to the community through the Community Project Management Committee (CPMC), selected and or elected from among the residents by the residents but coordinated by the agency.

    The cost of each project is also proposed by the beneficiary community who monitor and supervise the disbursement and how funds are expended on projects.

    According to the scheme, beneficiary communities are expected to commit ten percent of total project cost as counterpart funding and which is a pre-requisite for the CSDA to release the remaining needed fund.

     

    Efforts of CSDA

    From the issue of electricity, infrastructures, health, social amenities among such others, the World bank in collaboration with the Oyo state through the CSDA has no doubt impacted on lives without the usual jamboree, noise and political make-up that follows such efforts in this clime. In all, no fewer than 106 communities across all the 33 LGAs across the state have registered at least two or three completed projects of varying degree.

    Subtly, quietly and progressively, the touch of development is moving from one parts of the state to another. From Ibadan to Oyo town, to Oke Ogun axis to Ogbomosho area and such other places too far for politicians to ‘deliver goodies of democracy’, the government has reached out to residents and communities who expressed readiness to collaborate with the government in terms of co-funding, implementing, monitoring and sustaining projects based on approved requests of such communities.

    Aside from providing amenities to the communities that requested for help, the testimonies of the beneficiary communities remained same in that, the effort of the agency has not only helped the people improved in the communal lifestyle, it has also helped in their interaction and interrelations.

    The funding of the projects are assisted by the World Bank and co-financed by the Federal Government and the participating states.

     

    Benefits to residents beyond amenities

    Additionally, the various projects implemented have helped to put food on the table of many residents of the project host communities as ‘contractors’, ‘vendors’ and those to execute the projects, as a matter of principle were been sourced from the residents in the local host communities, thereby helping to improve the cash flow in the community. The monies for executing projects are not only been given to the communities, it is also spent within the communities by the residents and members of the community.

    It has also helped create a sense of ownership and sense of responsibility which was a feature lacking in most government projects executed in the communities in time past.

    Under the CSDA project implemented by the CPMC, projects are owned by the community and the responsibilities of managing, service and running solely falls on the community as an entity and not any arm of the government or individual. This has also helped in the leadership and self-governance of the people at the community level especially in the areas of fund management and generation to ensure sustainability and functionality of the projects.

    The fact that the cost of executing the projects is a collaborative effort between the CSDA and the community also gives some sense of pride and belonging to the community and sense of responsibility to ensure improvement and progress.

    A major benefit to the community is the regular leadership and community management leadership training offered the benefitting community leaders on how to sustain and maintain the facilities which no doubt is helping proper interaction and interrelations among the residents of the beneficiary communities.

     

    CSDA in action

    The General Manager, CSDA, Mr Babatunde Adewole explained that CSDP is a poverty reduction intervention project targeted at both rural and urban communities in Oyo state, noting that the project development objective is to sustainably increase the access of the poor to social infrastructure.

    He said “CSDP is a World bank assisted project in Nigeria and Oyo state is one of the 28 participating states. CSDP is follow up of the similar World Bank assisted project called Local Empowerment and Environmental Management Project (LEEMP) which ended in 2009. A Community Driven Development (CDD) Approach to development is being used where communities are the drivers, who take charge of their development agenda.

    “CDD concept empowers the communities to plan, execute and monitor their own development micro projects. It empowers the excluded group and hence give them both voice and relevance. It is designed to be socially inclusive-give voice and decision making responsibility to women, elderly, youths, religious and cultural minorities, indigenous and other ethnic groups, those with HIV/AIDS and physically challenged.

    “Ownership of community micro-projects is the foundation of project sustainability. Crucial to the realisation of any community development work is the sustainability and maintenance of such projects. Communities are to contribute both in cash and kind. Kind contributions may include: land, labour, sand, gravel, water, store etc. cash contributions requires a sum of money kept in the community’s bank account opened for the project.

    “CDP is a basket of projects where any group from the community picks their own. Community prepares the community development plan (CDP) by themselves. The community implement the project themselves but source for service provider only on technical projects that need experts. CSDP additional finance started in 2016 after the six year duration of the first phase of the project.”

     

  • How I intend to reduce unemployment –Ezekwesili

    The presidential candidate of the Allied Congress Party of Nigeria (ACPN), Dr. Obiageli Ezekwesili, says she will drastically reduce unemployment in the country if she emerges president.

    Ezekwesile gave the assurance in a statement issued by her Hope’19 Campaign Organisation on Thursday in Lagos.

    Her assurance was in reaction to the data released by the Nigerian Bureau of Statistics (NBS)on Wednesday that the unemployment rate had risen from 18.8per cent in the third quarter of 2017 to 23.1 per cent to the corresponding period in 2018.

    The ACPN presidential candidate promised that no fewer than 80 million Nigerians would be lifted out of poverty by her administration.

    She said that her administration would implement productivity and competitiveness initiatives to create new opportunities and jobs in some key sectors.

    She listed the sectors as agriculture, fisheries, livestock, and agribusiness which according to her, more than one-third of Nigeria’s active labour population is found.

    “There will be jobs from light manufacturing industries, construction, housing and public works, renewable solutions, services including trade, telecoms and technology, domestic tourism, and creative industries.

    “These industries not only hold the key to putting more Nigerians to work, but provides a much-needed boost to the nation’s productivity.

    “Promoting and supporting these industries will occur through a mix of sound policies on trade, tax, infrastructure, skills, training, and research and development,” Ezekwesili added.

    She also said priority would be placed on building a rapidly expanding economy, which would be powered by the private sector based on an economic structural change agenda.

    “A majority of those operating in the economy are in the informal, low productivity sectors, while previous governments have focused largely on the formal sector in their poverty reduction and ease of doing business agenda.

    “The informal sector, according to the International Monetary Fund (IMF) is over 60 per cent of the Nigerian economy ($240bn).

    “Unable to tackle the factors which lead to informality, such as low level of education, previous governments have chosen either to ignore the problem or militate against it.

    “The informal sector also suffers low productivity due to high business costs which outstrip earnings.

    “These barriers on them mean that those that work the hardest in our economies fail to earn a decent living.

    “Investments in the formal sector over the last couple of years, while significant, have not yielded the kind of growth rates achieved by the informal sector.

    “This sector grew at an annual average rate of about 8.5 per cent between 2015 and 2017, in comparison with the formal economy which grew by 0.8 per cent in 2017.

    “However, increased informality, if unchecked, could lead to higher rates of poverty and inequality.

    “We will move to embed the productivity and competitiveness agenda within initiatives that give incentive for the nation’s informal businesses and workers to, on their own, enter the regulator inequality.

    “This enables adequate access to government support, accounting, tax reform necessitated by a larger number of registered workers, and the capitalisation of investments in domestic industries.

    Read also: Good governance possible in Nigeria — Ezekwesili

    “In order to revitalise key aspects of the economy and implement dramatic reform, the government will pay significant attention to the informal sector, as the principal creator of employment and as a catalyst for growth and development,” she said.

    According to Ezekwesili, Nigeria’s growth and productivity can only happen when the people have lots of jobs and when they earn incomes that pull them out of poverty.

    The former Vice-President of the World Bank said “Right now, people simply do not have jobs. Under the present government, according to the Nigeria Bureau of Statistics (NBS) over 20 million Nigerians are unemployed.

    “Again, think about that for a second. Those are not just numbers – they are humans; one, two, three, four, five, six, seven, eight million humans. They have families. They have people who depend on them.

    “We all know someone who has lost a job in this economy. You may even be one of them. We all have families and friends who call us on the phone, pleading for any change we could spare at all to help them survive one more day.

    “How long can we continue like this? The right candidate is Ezekwesili.” (NAN)

  • Nigerians’ remittances from UK highest, says World Bank

    Astudy researched by the World Bank has found that Nigerians was the top receiver of cash from the United Kingdom in 2017.

    Nigeria was ranked the largest remittance recipient in sub-Saharan Africa and the sixth largest amongst lower-middle-income countries.

    According to the report, Nigerians living in the UK sent £3.27 million back home in 2017.

    “Remittances to sub-Saharan Africa are estimated to grow by 9.8 per cent from $41 billion in 2017 to $45 billion in 2018. Projections indicate that remittances to the region will keep increasing, but at a lower rate, to $47 billion by 2019,” the report read.

    “The upward trend observed since 2016 is explained by strong economic conditions in the high-income economies where many sub-Saharan African migrants earn their income.

    “Nigeria, the largest remittance recipient country in sub-Saharan Africa and the sixth largest among LMICs, is expected to receive more than $25 billion in official remittances by the end of 2018, an increase of more than $3 billion compared with the previous year.”

    According to the Bretton Wood institution, the average cost of sending money to sub-Saharan Africa decreased slightly.

    “The average cost of sending $200 to the sub-Saharan Africa region slightly decreased, averaging 8.9 per cent in 2018 Q3, the lowest cost ever registered in the region.

    “A declining trend has been observed in remittance costs in the region since the beginning of 2018, but this average remains far above the global average of 6.9 per cent and the SDG target of three per cent by 2030.

  • Ekiti, others to benefit from World Bank’s $200m Tech Education Fund

    Ekiti, Edo, Abia, Kano, Gombe and Benue states have been selected from each of the six geo-political zones in Nigeria to benefit from the $200 million the World Bank, in collaboration with the Federal Government, to inject the fund into the Technical and Vocational Education sector in Nigeria in the next five years.

    The Task Team Leader (TTL) of the World Bank-Assisted Project (Education), Dr. Tunde Adekola, broke the news at an interactive forum with officials of Ekiti State Ministry of Education, Science and Technology in Ado-Ekiti, the state capital.

    Adekola said the new project, under the Innovative and Development Effectiveness for Acquisition of Skills (IDEAS), will begin soon.

    Read also: Access to World Bank’s $750m loan, grant coming, says Fed Govt

    The team leader said the project was not only designed to develop Nigerian youths in capacity building and self-reliance but would also encourage and enhance public and private participation in skill acquisition in youth development.

    The TTL said the 18 technical colleges with three picked from each of the six geo-political zones of the country, had been selected by the Muhammadu Buhari-led Federal Government to get financial assistance as pilot states for the project.

    Also, the three lucky technical colleges that would benefit in Ekiti State would be determined by the state government at the appropriate time, Adekola said.

  • States to access World Bank’s $750m loan, grant soon — FG

    The 36 state governments and the Federal Capital Territory, FCT, will soon access World Bank’s $750 million loan and grant facility.

    A statement signed by the Special Adviser to the Minister of Finance on Media and Communications, Paul Ella Abechi, said this was made known by the Minister of Finance, Mrs. Zainab Shamsuna Ahmed, while addressing the 7th Community of Practice (CoP) made up of state Commissioners of Planning and Budgeting in Abuja.

    Ahmed expressed optimism that states will continue with their fiscal responsibility which will serve as platform to access the loan and grant from the World Bank.

    The Community of Practice meetings enhance the state Commissioners of Planning and Budget’s capabilities in performing their functions and serve as platforms for facilitating peer learning and information exchange, strengthening coordination, collaboration and networking.

    The finance minister revealed that: “during the course of these meetings we had the benefit of hosting the World Bank and several other communities, including the Governors’ Forum.  During the course of this exercise, the Ministry of Finance had to, on instruction from the President, provide bailouts to the state because at one point states were not able to pay salaries.

    Read also: The kidnap that nailed us

    “Part of the conditions that was given for those bailouts is a fiscal responsibility plan which needed to be implemented for the states to continue to be qualified to access the funds that the Federal Government was giving.

    “This FSP was quite successful because as a result of that we saw improvements in the public financial management in a lot of states, some of which is evident in the increase in the IGR and also the increase in the frequency of the preparation of financial statement in the availability of budget that used to never been found anywhere, the minister said.

    The minister added that “this year, it was so good that the World Bank said this group has done well and therefore we are going to give $750million in the form of concession loans and grant which will be available soon for the states to access”.

    She told the states that “we are in the process of going to the Federal Executive Council (FEC) to get the approval; the World Bank on its own has already approved this and others. So we hope that you will continue to implement your fiscal responsibility so that you will qualify for this facility as well as the grant.

    “Those principles agreed by NEC are still as relevant today as they were in 2016. So I want to urge the CoP to ensure that the monitoring aspect of this is still continuing in one way or the other.”.

    She also charged the CoP to make monitoring of the process of implementation of budget a cardinal objective, because it would benefit and enhance what they are doing to improve the standard of living of the people in their states.

    “Let me add that the need for monitoring is beneficial because it will enhance process improvement; it will also help us to refocus ourselves as well as our principles to stay on those commitments that are made, but most importantly it will enhance public service delivery to the citizens”, she stated.

  • World Bank’s $3m project for Ekiti

    The World Bank is to spend $3 million on three government technical colleges in Ekiti State under the bank’s Innovation and Development Effectiveness for Acquisition of Skills (IDEAS) programme.

    The global bank’s Senior Education Specialist, Dr Tunde Adekola, spoke in Ado-Ekiti, the state capital, at a meeting of the bank’s team with Governor Kayode Fayemi.

    Adekola said the IDEAS programme would focus on technical and vocational education skills and would be private sector-driven.

    The education specialist, who said the programme aims at skill acquisition for youth employability and empowerment, added that IDEAS would provide training and certification for middle-level manpower to see technical colleges return to their original purpose of establishment.

    A statement by the governor’s Chief Press Secretary, Mr Yinka Oyebode, said the World Bank officials were confident the programme would succeed in Ekiti State because of the full accreditation of its technical colleges.

    Adekola said the World Bank was happy the five-year programme aligned with the knowledge-based economy being pushed by the Fayemi administration.

    Fayemi hoped the programme would address the deterioration of craftsmanship, saying government must make technical and vocational education attractive.

    The governor faulted the belief in some quarters that technical education was meant for drop-outs.

    He added that there was need for “psychological reorientation” so that “people would know that not going to the university does not mean you are a failure”.

     

  • World Bank grants Ekiti $3m for vocational education

     

    Three government technical colleges in Ekiti State are set to receive $3 million intervention grant from World Bank under the Bank’s Innovation and Development Effectiveness for Acquisition of Skills (IDEAS) programme.

    This was made known during a meeting of the World Bank Team with Ekiti State Governor, Dr Kayode Fayemi, in Ado-Ekiti, the state capital on Wednesday.

    According to Dr Tunde Adekola, the Bank’s Senior Education Specialist, the IDEAS programme would focus on technical and vocational education skills and would be private sector-driven.

    Adekola, who stated that the programme aims at skills acquisition for youth employability and empowerment, added that IDEAS would provide training and certification for middle level manpower that would see Technical Colleges return to their original purpose of establishment.

    According to a statement by the Chief Press Secretary to the Governor, Yinka Oyebode, explained the World Bank Team members were confident that the programme would be a huge success in Ekiti State because of the full accreditation of the state- owned technical colleges.

    Adekola added that the World Bank was happy the five-year programme aligns with the knowledge- based economy being pushed by the Fayemi-led administration.

    Fayemi expressed optimism the programme will address the deterioration of craftsmanship; stressing that government must make technical and vocational education a desire.

    Fayemi faulted the belief in some quarters that technical education is meant for drop-outs, said there was need for “psychological reorientation” so that “people would know that not going to the university does not mean you are a failure”.

    The governor, who restated his readiness to improve youth empowerment in the state, said his administration would provide necessary support for the immediate take off of the IDEAS programme in the three benefiting technical colleges in the State.

    IDEAS is World Bank’s SEPIP successor programme.

    SEPIP was started in Ekiti State in November 2013 under Governor Fayemi and the programme had seen to the establishment of various education related projects including the ongoing rehabilitation of the Government Technical College, Ado Ekiti.

     

     

  • World Bank to invest $200b to combat climate change

    The World Bank Group has announced plans to double its investments in the fight against climate change to around $200 billion for more than five years.

    “Climate change is an existential threat to the world’s poorest and most vulnerable. These new targets demonstrate how seriously we are taking this issue,” World Bank Group President, Jim Yong Kim said.

    The investments, announced in a statement yesterday, would apply to the investment period for 2021-2025, to support countries in their efforts to take “ambitious climate action.”

    The funds would be allocated for countries “to build better adapted homes, schools and infrastructure, and invest in climate smart agriculture, sustainable water management and responsive social safety nets,” said World Bank Chief Executive, Kristalina Georgieva.

    Read also: No nation can tackle climate change alone, says Buhari

    The World Bank’s announcement came just before the opening of a United Nations (UN) climate conference in Katowice in Poland.

    The delegates are to focus on fleshing out the rules for financing and implementing the 2015 Paris agreement in the next two weeks.

    The Paris pact provides an outline for countries working together to limit the Earth’s warming to between 1.5 and two degrees Celsius.

    Most efforts to prevent the planet heating up relate to stopping the release of greenhouse gases.

    However, the measures so far  to reduce harmful greenhouse gases are far from sufficient to meet the goal.