Home Delta Coalition to Okowa: Delta lucky to secure N500m loan

Coalition to Okowa: Delta lucky to secure N500m loan

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Makes case for public enlightenment on benefits

The Coalition for Good Governance and Economic Justice in Africa has urged Delta State Government to embark on public enlightenment on the benefits of securing a N500m World Bank counterpart funding.

The facility, which will be repaid over 30 years for ecological degradation will be monitored by the Bank.

The Coalition says Delta state is lucky to secure such facility because the World Bank trusts Delta State Government to use the fund properly as it only provides support to governments the Bank trusts to use its funds for development results.

According to the groups Media Coordinator, Mr. Patrick Omene, “the state government need to enlighten the people on this issue because there seems to be misunderstanding and criticisms from some Non Governmental Organisations (NGOs), in Delta state who petitioned the World Bank and other relevant authorities to stop the funds believing it would mortgage the future of the state and its peoples.

Omene said, “For me, I think the people of Delta state should count themselves lucky to be able to qualify for World Bank loan. Government should engage the people properly on the gains, and benefits of such facility.

“I think the Bank is impressed to see the results of the reforms embarked upon by the State Government and that is why it was easy for the World Bank to sell the reforms programmes in Delta state to their Board in Washington.

“There are several pre-conditions to meet before getting the banks attention, and these pre-qualification entails many elements; there is the Auditor-General element, tax element, procurement element, budget element, environmental element, civil service element, agricultural element and reforms spanning 5 years of consistent execution.

“Only disciplined government can do what it is required to access credit from the World Bank, it is not for everyone looking for a loan. It is not a collateral or security issue, it is tied to specific verifiable reforms executed.

“Institutional reforms are very important because they outlive government regimes so, it is important for governments to undertake reforms of their systems and processes, institutionalized them and that is what the focus of DPOs are; to support policies and institutional reform efforts and the bank is usually on hand to provide Policy and strategic advice.

“So the World Bank work with the governments in designing, in thinking through their policies and institutional reforms actions and then provide advice as necessary.

“The World Bank provides significant funding to only governments it trusts will use the funds properly to achieve its development results because if they do not trust that you will use this fund judiciously, it would be a risk of the fund. So DPO’s are provided basically to those governments that the Bank trusts to use the funds for development results”

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