World Bank

World Bank Uncovers $32 Million Discrepancy in Nigeria’s Water Project Funds

The World Bank has reported a discrepancy involving $32 million in funds allocated to a water infrastructure project in Nigeria. The revelation was detailed in the organisation’s FY2024 Sanctions System Annual Report, which highlights global efforts to maintain financial integrity across its projects. According to the report, the unaccounted funds were intended to improve water…

World Bank

World Bank Invests Record $38 Billion in Africa

The World Bank Group has committed a substantial $38 billion to support Africa in 2024, marking the continent’s largest allocation from the institution’s $117.5 billion global investment budget. Outlined in its recently published Annual Report, the World Bank detailed how these funds will be directed towards poverty reduction, climate resilience, and economic expansion across Africa,…

World Bank

World Bank Approves Additional $1.57 Billion Loan for Nigeria to Tackle Education, Healthcare, and Climate Resilience

The World Bank has approved an additional loan of $1.57 billion for Nigeria to support critical sectors including education, healthcare, and infrastructure. The Washington-based financial institution made the announcement on Monday, revealing that the loan was approved on September 26, 2024. According to the World Bank, this new financing will aid Nigeria in addressing governance…

Sri Lanka 1

World Bank Approves $700 Million Support Package for Sri Lanka’s Economic Recovery

In a significant funding initiative, the World Bank has sanctioned $700 million in budgetary and welfare support for Sri Lanka, marking the largest tranche of financial assistance for the crisis-stricken country since the International Monetary Fund (IMF) agreement in March. Out of the total funds, approximately $500 million will be allocated for budgetary support, while…