W’Bank to Launch $300m Social Safety Programme

The World Bank has disclosed plans to float a $300 million-social safety support programme which is specifically targeted at the needy in order to reduce inequality and help them from falling deeper into poverty.

World Bank Director, Human Development Group, Africa Region, RitvaReinikka told journalists at a media briefing that the fund, expected to be approved by the board this month is a loan with no interest charge and has a 40-year repayment plan.

The proposed safety net initiative named the “Youth Empowerment and Social Support Operation” (YESSO) is a Conditional Cash Transfer scheme between the government and the Bank and focused specifically on the poorest in the country.

The Scheme, which has a seven-year duration is expected to commence in July and would be launched in 20 states of federation. But its pilot implementation would begin in seven states which already have similar social protection initiatives including Bauchi, Niger, Cross River, Ekiti, Osun, Oyo and Kwara. It would thereafter be extended to other states.

The World Bank director said Nigeria still had a lot more to do in terms of equitable distribution of resources as well as getting children to school.
She said more than 10 million children were believed to have no access to education-most of the numbers in the northern part.

She said the Bank was currently analysing reasons why children were out of school with a view tackling identified challenges including quality of education in the country.

Under the new funding approach however, she said support would be based on visible results on how the programme has help to uplift the lives of beneficiaries.

She said eliminating extreme poverty and sharing prosperity would be key to the World Bank’s interventions.

(ThisDay)

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One Comment

1. 

   Abimbola

   March 17, 2013 at 12:51 pm

   Great initiative if well implemented. Kudos.