Uche Obike, Head, Business Desk

In a news release signed by Mr. Foluso Okunmadewa, the World Bank Task Team Leader of the project, made available to Daily Champion, the World Bank has approved US$25 million International Development Association (IDA) credit to provide additional funding for the Community Based Poverty Reduction Project (CPRP) in Nigeria.

Okunmadewa explained further that the project aims to improve access for the poor to social and economic services and increase the availability and management of development resources at the community level.

He said, the project will be implemented in eight states including Aba in Abia, Cross Rivers, Ekiti, Kogi, Kebbi, Yobe, Kwara and Ebonyi.

"The additional financing will ensure that about 600 community-based poverty reduction micro-projects that are currently underway are completed. The funding will also help maintain the momentum of the community – driven development approach in the country until a nationwide community development project, currently under preparation by the Federal Government, begins," he said.

He noted further that the additional funding will continue to support government efforts to empower communities to become agents and beneficiaries of change to improve the lives of their citizens.

According to him, the additional financing will address unmet demands and requests from community groups for micro-projects in virtually all the states currently implementing the CPRP.

He recalled that the first community based poverty reduction project, using the community driven development approach was approved in 2000 for US$60 million.

He added that the supplemented credit is for two years and will close on August 31, 2008.

The IDA credit has a maturity of 40 years with a grace period of ten years, while the credit is interest free with a service charge of 0.75 per cent