Thursday, 28 May 2020 04:51

Nigeria, Chad, two others to share $346m World loan for Lake Chad projects

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World Bank Group on Wednesday announced approval of $346 million for two key projects in the Lake Chad region for the purposes of strengthening resilience and livelihoods.

A statement issued by the Breton Woods institution indicated that the projects, which will be financed through the International Development Association, will be shared between Nigeria, Cameroon, Chad, and Niger.

Specifically, one of the key projects at which the fund is going to be committed to is the Multi-Sectoral Crisis Recovery Project (MCRP) for North Eastern Nigeria, Additional Financing.

“The first project, Lake Chad Region Recovery and Development Project (PROLAC, $170 million), will support national and regional coordination platforms and local capacity building, contribute to restore sustainable rural mobility and connectivity and strengthen the recovery of agricultural livelihoods in selected provinces of Cameroon, Chad, and Niger.

It will also promote knowledge sharing and regional dialogue with a data platform hosted at the Lake Chad Basin Commission, while strengthening community empowerment through citizen engagement, social cohesion activities and labor-intensive public works.

“PROLAC will contribute to the rehabilitation of rural roads and small transport infrastructure, and will promote productive investments by helping agricultural producers to increase productivity in the polder areas in Chad, the farming of oasis areas in Niger, and in the areas close to the shore of the Lake Chad in the Far North of Cameroon.

“The second project, the Multi-Sectoral Crisis Recovery Project for North Eastern Nigeria, Additional Financing (MCRP AF, $176 million), will help the Government of Nigeria to improve access to basic services and livelihood opportunities for crisis-affected communities in the North Eastern States of Adamawa, Borno and Yobe, while enhancing coordination among these States and other Lake Chad countries.

“It expands the ongoing $200 million MCRP project and puts an increased emphasis on support for agricultural livelihoods and investments.

In addition, MCRP AF will include support for labor-intensive approaches and works programs, promote rural and regional connectivity, rehabilitate market infrastructure and prioritize climate change adaptation and mitigation”, the bank added.

Commenting on the importance of the funding intervention, World Bank Director of Regional Integration for Africa, Deborah Wetzel, said the Lake Chad region remained a priority area of engagement as a result of the common nature of the challenges faced by the sub-region and the huge potential for regional cooperation.

She explained: “The framework being created by both PROLAC and the MCRP AF will lay the foundation for future regional and coordinated investments that will improve access to regional markets, promote value-chains development and revive cross-border and regional trade,” she said.

 

Daily Trust