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Nigeria among world's extremely poor countries - World Bank Group
02/04/2014 18:27
Nigeria is among the world's extremely poor countries, says the World Bank Group.
Other countries that were also rated as extremely poor are India, China, Bangladesh, DR Congo, Indonesia, Pakistan, Tanzania, Ethiopia and Kenya.
Dr Jim Yong Kim, World Bank President, at the Council on Foreign Relations (CFR) in Washington on Wednesday, ahead of the World Bank/IMF Spring Meetings, stated that the global bank would deal with the extreme poverty in Nigeria and its counterparts in the coming years.
“The fact is that two-thirds of the world’s extreme poor are concentrated in just five countries: India, China, Nigeria, Bangladesh, and the Democratic Republic of Congo. If you add another five countries, Indonesia, Pakistan, Tanzania, Ethiopia, and Kenya, the total grows to 80 per cent of the extreme poor,” he said.
“We will have a strategy that ensures that no country is left behind, as we move toward the target of ending extreme poverty by 2030,″
He stressed that the World Bank Group would focus on Nigeria and other nine countries, but emphasised that the plan would not make other countries in the world to be ignored.
He used the medium to reveal that the World Bank President already had a series of measures aimed at strengthening the World Bank Group to better meet the evolving needs of clients, including a $100 billion increase in the lending capacity of the Bank’s lending arm for middle-income countries over the next decade.
“We now have the capacity to nearly double our annual lending to middle-income countries from $15 billion to $26 to $28 billion a year. This means that the World Bank’s lending capacity will increase by $100 billion to roughly $300 billion over the next ten years," he said.“This is in addition to the largest IDA replenishment in history, with $52 billion in grants and concessional loans to support the poorest countries."
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