Home News FG gets $500m World Bank loan for power distribution

FG gets $500m World Bank loan for power distribution

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FG gets $500m World Bank loan for power distribution

The federal government has secured a $500 million loan from the World Bank to fund electricity Distribution Companies (DisCos)

FG gets $500m World Bank loan for power distribution
FG gets $500m World Bank loan for power distribution

According to the Bureau of Public Enterprises, in a statement in Abuja, yesterday, the loan would fill financing gaps in the distribution segment, considered as the most problematic in the industry.

“This funding supports the Nigerian Distribution Sector Recovery Program (DISREP) aimed at improving the financial and technical performance of the DisCos.

“The Distribution Sector Recovery Program (DISREP) is designed to enhance the financial and technical operations of the DisCos through capital investment and the financing of key components of their Performance Improvement Plans (PIPs), which have been approved by the Nigerian Electricity Regulatory Commission (NERC),” the Bureau indicated in the statement by Amina Othman, HeadPublic Communications.

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It added that the $500 million DISREP loan offered concessional financing with more favorable terms than commercial bank loans.

 

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