World Bank To Restructure $115million Loan To ICRC Over Poor Performance

[ChannelsTV]

The World Bank plans to restructure the $115 million adaptable programme loan granted the Infrastructure and Concession Regulatory Commission (ICRC) of Nigeria. The World Bank says the reason for the restructuring is because of poor implementation. In a report titled "Implementation status and results, Nigeria public/private partnership programme (p115386)" and relating to the $115 million adaptable programme loan granted the commission in 2011, the World Bank declared that the commission's performance was unsatisfactory. Prior to this, the commission has since February 18, 2011 signed memoranda of understanding with the ministries that are to benefit from the facility. But according to the World Bank, the commission failed to develop a project pipeline for the projects that are to benefit under the support credit and this has created a challenge in accessing the credit. Owing to this, the credit has been dormant since its approval in March 2011.

Via: ChannelsTV