The World Bank Group on Monday said it had converted the $131m (about N20.3bn) loan, which it advanced to Nigeria between 2003 and 2010 into a grant.
The loan was given to boost the country’s polio eradication effort with the understanding that the credit would be converted into a grant if Nigeria recorded specific results in the eradication of the disease.
The move according to a statement by the bank became imperative following the recent success, which the country had achieved in reaching the majority of children with polio vaccine.
The bank noted that the achievement demonstrated the value of a unique model of performance-based development assistance and the commitment of the country and its partners to a polio-free society.
It quoted the Executive Director, National Primary Health Care Development Agency, Dr. Muhammad Pate, as saying, “The result of this unique ‘buy-down’ funding arrangement is the vaccination of the majority of Nigerian children with oral polio vaccine and a 95 per cent reduction in polio paralysis.
“Through the polio eradication effort, Nigeria has demonstrated that it can deliver on new forms of development assistance and our partners have demonstrated their commitment to Nigeria.”
The statement added that the success of the 2003-2010 buy-down had paved the way for a new N9.3bn World Bank credit for Oral Polio Vaccine through 2012.
It said, “The new credit will pay for the OPV required to vaccinate all Nigerian children under-five many times in campaigns through 2012, and rapidly stop transmission of the crippling poliovirus. Partners have pledged to pay off this credit as well provided Nigeria continues to reach the majority of children with OPV particularly in high-risk States.
“This new funding credit provides a tremendous opportunity to eradicate polio in Nigeria. Most critically, there is urgent work to be done in many northern States where crippling polio infections are still occurring. These must be stopped through high-quality mop-up campaigns.”
Continuing, the statement said that till date, the poliovirus had paralysed children in Borno, Jigawa, Kebbi, Kano, Sokoto and Zamfara States, adding that “This is because the quality of immunization campaigns in some local government areas is poor and routine immunization is still low, leaving large pockets of children susceptible to the polio virus.
“One child paralysed with the poliovirus can silently infect 200 more unimmunized children, and rapidly cause explosive outbreaks. “
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World bank converts Nigeria's loan to grant
World bank converts Nigeria's loan to grant
NigerianEye
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Tuesday, May 17, 2011
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