Nigeria and 19 other countries received approximately $2.69 billion in guarantees between 2020 and 2021, according to the World Bank.
The guarantees were made available through the COVID-19 Fast Track Facility.
Albania, Argentina, Belarus, Bosnia and Herzegovina, Botswana, Chile, Eswatini, Georgia, Ghana, Kosovo, Lesotho, Moldova, Montenegro, Mozambique, North Macedonia, Peru, Serbia, Ukraine, and Zambia are the other countries.
This was stated in one of the bank’s recently issued FY21 financial statements, specifically the Multilateral Investment Guarantee Agency’s financial statement.
According to the statement, in response to the COVID-19 epidemic, MIGA announced a $6.5 billion Fast-track facility in April 2020 to assist private sector investors and lenders in emerging markets and developing nations.
“In response to the COVID-19 pandemic, MIGA launched a $6.5bn Fast-track facility in April 2020. The facility was geared towards supporting private sector investors and lenders in emerging markets and developing economies, and was structured around the following three pillars,” it stated.
The second pillar helped Nigeria and the other nations, with guarantees totalling $1.127 billion in FY20 and $1.563 billion in FY21.
Under this pillar, guarantees were provided for capital optimisation, which includes assistance to financial institutions in extending lending in host countries by releasing risk-weighted assets that had been locked up in maintaining mandated reserves with central banks.