The World Bank has disbursed a total of $13.63bn in loans and grants to Nigeria as of March 31; a summary of the country’s debt portfolio provided by the bank has shown.
The disbursement is out of a total of $21.44bn that had been approved by the bank’s Board of Directors. The total approval is made up of International Development Association credit of $11.65bn and International Bank for Reconstruction and Development’s loan of $7.14bn.
The IDA is the World Bank Group’s window for concessional lending to less developed countries, while the IBRD is the window for lending at commercial rates.
As of March 31, 2007, the total approval for Nigeria stood at $9.55bn; total disbursement stood at $6.98bn; undisbursed loans were $1.56bn; while borrowers’ obligation stood at $2.14bn.