Universal access to banking facilities by 2020-World Bank

Universal access to banking facilities by 2020-World Bank

Ngozi-Okonjo-IwealaThe Nigeria Minister of the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala were among those at the  forum organised by the World Bank Group at the  IMF/World Bank Group Annual Meetings in Washington DC, The aim of the forum was for different financial organisations including bankers, financial leaders and government functionaries of member countries  to set a goal of achieving universal financial access by 2020 as a way of  accelerating  economic progress and  extreme poverty reduction.

During the meeting  the World Bank spokesman for Africa, Agustin Castro , reiterated the main goal of the forum , which he stated  is of utmost importance since 2.5 billion adults worldwide are ‘un-banked’ and almost 200 million micro to medium enterprises in developing economies lack access to affordable financial services and credit. He added that the bank considers this a major obstacle to reducing poverty levels and  the creation of jobs .


Meanwhile the Minister of Finance, Dr. Okonjo Iweala, told journalists attending the meeting at a post annual press briefing that Nigeria has secured a $1.4billion support facility from the World Bank to speed up the development of the power sector and infrastructure in Nigeria. She said “The World Bank has pledged to support Nigeria’s power sector and infrastructure development with about $1.4 billion. The World Bank is planning to set up a global infrastructure facility and Nigeria would be among the first countries to benefit considering its population and infrastructure needs.



Dr. Okonjo Iweala added that , Nigeria also got pledges from the bank to help improve statistics. The minister reiterated that the 2013 budget was on course describing some speculations on the budget in the media as false.

“We have spoken to the National Assembly on the amendments and they have done something and we have decided to continue with the implementation. Please, 2013 budget is being implemented. What is being perpetrated by some sections of the press, that somehow the 2013 budget has fallen apart and not implemented, is false. This budget is being implemented, it still has some issues here and there, but we’ve decided to go ahead to find a solution and take care of the missing money to pay people involved under the SURE-P programme”,


In Dr Mrs Ngozi Okonjo-Iweala’s press briefing she  said “The World Bank Group, that is the World Bank and the International Finance Corporation (IFC), the private sector arm of the World Bank, through the World Bank president has made  it  known that they want Nigeria to be one of the focus countries in sub-Saharan Africa. This means that they are willing to work with Nigeria to invest hundreds of millions of dollars.

“They have a lending programme of about a billion dollars a year, but they are willing to use that and pull in more resources from the U.S. through the Power Africa Initiative, using the offices of IFC to help us address infrastructure problems.



Universal access to banking facilities by 2020-World Bank

About Eze Chuks

Eze Chucks is an experienced media practitioner. He has worked for several news organisation.He has pioneered many online news website as an editor . He holds a B.Sc Economics degree and a masters degree email:editor@compassnewspaper.com.ng

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