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Ekiti fulfills requirement for $750 million borrowing from International Development Association

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As part of the World Bank’s State Action on Business Enabling Reforms (SABER) Program, states are granted a $750 million International Development Association (IDA) credit if certain requirements are fulfilled, according to the Ekiti State Government.

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While addressing journalists on the conclusion of the State Executive Council meeting in Ado Ekiti, Taiwo Olatunbosun, the State Commissioner for Information, disclosed this information.

Olatunbosun clarified that the Presidential Enabling Business Council (PEBEC) Secretariat and the World Bank collaborated to construct the three-year (2023–2025) performance-based intervention known as SABER, with backing from the Federal Ministry of Finance and Budget.

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the Nigerian Governors Forum (NGF), & National Planning (FMFBNP), and

the Nigerian State Commissioners for Finance Forum.

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He went on to say that SABER was intended to be a program for results.

(PforR), akin to the State Treasury Accountability and

Sustainability (SFTAS) to encourage and fortify the business-enabling reforms’ implementation in the FCT and the 36 states.

It also aims to enhance the business climate of participating states, increase responsibility for business-enabling reforms, and further consolidate and deepen the advantages from the implementation of Ease of Doing Business (EoDB) reforms throughout the states.

The commissioner outlined the eight program disbursement link indicators (DLIs), which include enhanced land investment and property registration processes’ sustainability and openness, enhanced

infrastructure that supports business and the creation of a successful PPP

framework for states and enhanced conditions for attracting investment.

He mentioned a number of other DLIs, including streamlined state and municipal corporate tax regimes, faster resolution of business disputes, more competitiveness in both internal and external trade, and more openness in official fees and procedures.

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