Edo rolls out N3bn intervention grant to support businesses

Edo rolls out N3bn intervention grant to support businesses

The Edo State Government  has unfolded plans for the distribution of N3billion grant under the World Bank intervention programme.

It said the money is part of the $750million loan intervention program of the World Bank for the states in Nigeria, and would run from 2021 to 2022.

The permanent secretary, Ministry of Wealth Creation, Mr. Joel Edionwe, who stated this at press briefing in Benin City said that the fund is tagged: “Recovery and economic stimulus programme”.

Edionwe added that the disbursement programme  is open to all business owners and urged residents to apply online or through designated trained agents across the 18 local government areas in the state.

Continuing, the press secretary said: “the Nigeria COVID-19  Action Recovery and Economic Stimulus (N-CARES) program is an intervention programme.  between the World Bank, Nigeria; and by extension Edo state government.

“For the entire program in Nigeria, it is $750million. For this program, which is Result Area-3 (R3), the budget  is over N3billion that is attached to it in Edo  state.

“The programme covers various aspects. Broadly, there are three areas of it, some address livelihood issues, some targeted at food security, but the one for which we are here is called result  Area-3 (R3) intervention to support  Small and Medium-scale Enterprises.

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