According to the Bank of Industry, the World Bank has approved its nomination as the national provider of the NG-CARES (RA3) MSME Component. The development was supported by the bank’s track record of building technology infrastructure and field networks for the transparent implementation of MSME intervention programs.
The World Bank and the Federal Government of Nigeria launched the NG-CARES initiative, which is meant to aid in the recovery of communities, households, and businesses impacted by COVID-19, according to the statement. It was stated that the program was state-owned and that state governments were solely in charge of funding and beneficiary selection.
It also said that following the nomination, 28 out of 33 states chose BoI as their preferred execution partner to leverage the Bank’s MSME infrastructure to deliver NG-CARES. “So far, BoI has received over one million applications for the NG-CARES MSME grants across states.