Nigeria, others have received $ 2.69 billion in guarantees – World Bank
The World Bank has revealed that Nigeria and 19 other countries received around $ 2.69 billion in guarantees between 2020 and 2021.
The guarantees were issued under the COVID-19 Fast Track facility.
The other countries are Albania, Argentina, Belarus, Bosnia and Herzegovina, Botswana, Chile, Eswatini, Georgia, Ghana, Kosovo, Lesotho, Moldova, Montenegro, Mozambique , North Macedonia, Peru, Serbia, Ukraine and Zambia.
This was in one of the bank’s recently released financial statements for fiscal year 21, specifically the financial statement of the Multilateral Investment Guarantee Agency.
According to the statement, MIGA launched an accelerated facility of $ 6.5 billion in April 2020 in response to the COVID-19 pandemic to support private sector investors and lenders in emerging markets and developing countries.
“In response to the COVID-19 pandemic, MIGA launched an accelerated $ 6.5 billion facility in April 2020. The facility aimed to support private sector investors and lenders in emerging markets and developing economies. development, and was structured around the following three pillars, ”he said.
Nigeria and the rest of the world benefited from the second pillar with guarantees totaling $ 1.127 billion in FY20 and $ 1.563 billion in FY21.
Under this pillar, guarantees were offered for capital optimization, i.e. support for financial institutions in extending loans in host countries by freeing risk-weighted assets. depending on the risks blocked in maintaining their minimum reserves with central banks.
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