Business
W’ Bank Approves $486m Loan For Nigeria …To Improve Electricity Transmission
The World Bank has approved an International Development Association (IDA) Credit of 486 million dollars for the rehabilitation and upgrading of electricity transmission substations and lines.
Senior Communications Officer, World Bank, Nigeria, Ms Olufunke Olofon, in a statement last Friday, said that the investments would increase the power transfer capacity of the transmission network.
The World Bank’s International Development Association (IDA), helps the world’s poorest countries by providing grant, low to zero-interest loans for projects that boost economic growth and reduce poverty.
The World Bank Country Director for Nigeria, Mr Rachid Benmessaoud, said that the Nigeria Electricity Transmission Project (NETP) would help address key bottlenecks in the transmission network.
“It will also improve access to affordable and reliable electricity service to citizens. The credit will also enable distribution companies supply consumers with additional power.
“Together with other investments and policy measures, the project will contribute to ensuring adequate and reliable electricity supply that is necessary for Nigeria’s continued economic development,” he said.
The Minister for Power, Works and Housing, Mr Babatunde Fashola, reiterated the government’s commitment to improving power supply in the country.
“The Federal Government is committed to addressing the challenges in the public-owned transmission network.
“The financing being provided by the World Bank under the Nigeria Electricity Transmission Project power sector underlines this commitment.
“The Federal Government anticipates that private sector financing in the privately-owned segments of the value-chain will complement the government’s efforts in bringing better quality service to citizens,” he said.
The NETP is part of the Power Sector Recovery Programme (PSRP) by the Federal Government.
It is a comprehensive package of policy, legal, regulatory, operational and financial interventions that will restore the financial viability of the power sector.
The measures that will be implemented through 2021 are aimed at improving transparency and service delivery and re-establishing investor confidence in the sector.
Business
Kenyan Runners Dominate Berlin Marathons
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.
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