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FG secures $500m World Bank loan to fund Discos

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

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

“This funding supports the Nigerian Distribution Sector Recovery Program aimed at improving the financial and technical performance of the“The 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 , which have been approved by the Nigerian Electricity Regulatory Commission ,” the Bureau said in the statement signed by Amina Othman, Head, Public Communications.

It is expected that DisCos would invest the funds “in critical distribution infrastructure; Improve ATC&C losses; increase power supply reliability; achieve financial sustainability in the power sector; and enhance transparency and accountability. Significant progress has been made in the preparation of the DISREP Programme”, BPE explained.

 

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