Somalia To Get First Direct World Bank Grants In Decades
Somalia’s finance minister says World Bank grants to the government are a sign the country has “trustable leadership” again after decades of chaos and corruption.
The World Bank said Tuesday it will provide $80 million in grants to Somalia’s federal government, the bank’s first direct grants to a Somali central authority in 27 years.
In an interview with VOA’s Somali service, Finance Minister Abdirahman Duale Beileh said the grants are “proof of Somalia’s merit.”
Beileh said $60 million will be used to increase the capacity of Somalia’s financial institutions, and $20 million will go toward education and energy projects to build the country’s resilience.
He said the grants show that international financial agencies have faith the government is capable of fighting against corruption.
“The work we have done and the trustworthiness we have earned brought us here,” he said.
The World Bank cut ties with Somalia in 1991, following the collapse of the Mohamed Siad Barre government and the start of a long civil war.
Beileh said that in recent years, Somalia’s government has made tangible improvement in management of the economy and its institutions.
However, the latest global index of Transparency International put Somalia as the world’s most corrupt country.
Somali President Mohamed Abdullahi Mohammed, also known as Farmajo, took power last year in an election by parliament that observers said was characterized by bribes and vote-buying.
World Bank Approves $1143m Grant For Nigeria To Boost Covid
The World Bank Boardof Directors, on Friday, approved a $114.28 million financing package to help Nigeria effectively respond to the threat posed by COVID-19 to the countrys economy.
The grant includes $100 million credit from the International Development Association and $14.28 million from the Pandemic Emergency Financing Facility to prevent, detect and respond to the threat with a specific focus on state level responses.
Through the COVID-19 Preparedness and Response Project , the World Bank said the Nigerian government would provide grants to the 36 states and the Federal Capital Territory .
The grant would enable Nigeria to grant immediate support to break the chain of COVID-19 local transmission and limit the spread through containment and mitigation strategies.
Grants to states, the World Bank said, would be conditional on states adopting COVID-19 response strategies which are in line with the federal governments guidelines and strategies.
CoPREP will enhance the institutional and operational capacity for disease detection through provision of technical expertise, coordination support, detection, diagnosis and case management efforts in all states and the FCT as per the WHO guidelines in the Strategic Response Plan, the World Bank said.
The CoPREP project, Mr Chaudhuri said, would provide the states with much needed direct technical and fiscal support to strengthen their position in combating the pandemic.
Government Small Business Grants
Federal or State Government Small Business Grants Lack of funds is a issue for small companies and startups. If you are planning to begin a business or expand an existing one, consider using government grants. Because they are starting out with little cash, approximately 79 percent of businesses fail. These are funds given to people, businesses, charities, educational institutions and more. government understand and Help people who have entrepreneur skills, can apply for these. It is very common that both the owners of small and medium enterprises and the self-employed need a small financial push to start their projects. There is no use in strategic plans or feasibility studies if there is not enough capital to make them a reality. The General Secretariat of Industry and Small and Medium Enterprises offers on its website To search Government grants and subsidies for small business and freelancers convened by public administrations aimed at SMEs and the self-employed with difficulties in accessing financing.You can Find Small Business Grants in Texas
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Government Grants For Seniors
Government HELP FOR OLDER PERSONS : All at some point in our life, we will need the support of a public institution designed to help older adults. Whether for a medical, economic issue or a place to stay. those aimed at attending to the state, situation of need or fact in which the recipient is found or supported as a result of their age, and that affect their personal, social and economic autonomy, Government Grants for Over 50 in order to achieve their normal human or social development. Therefore, it is essential to know the benefits of the various programs and their income requirements.
Types of Government grants for elder peoples
Complementary : intended to alleviate situations of first necessity, in relation to food and health expenses of the elderly.i.e
What Is A Grant
Grants are described as a means of funding a proposed project either by cooperate body or an individual, it can also be seen in the light of aid given to the able body and right-thinking business models to implement or support their business so as to provide cushion to such an individual, this fund is majorly targeted at the upcoming entrepreneur as a means of showing support by the government to such person. Federal Government grants are the amount of money given out as a form of assistance to an individual, organization small-scale business, etc. for a particular purpose or usage.
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World Bank Group Agencies
The World Bank Group consists of
- the International Bank for Reconstruction and Development , established in 1944, which provides debt financing on the basis of sovereign guarantees
- the International Finance Corporation , established in 1956, which provides various forms of financing without sovereign guarantees, primarily to the private sector
- the International Development Association , established in 1960, which provides concessional financing , usually with sovereign guarantees
- the International Centre for Settlement of Investment Disputes , established in 1965, which works with governments to reduce investment risk
- the Multilateral Investment Guarantee Agency , established in 1988, which provides insurance against certain types of risk, including political risk, primarily to the private sector.
The term “World Bank” generally refers to just the IBRD and IDA, whereas the term “World Bank Group” or “WBG” is used to refer to all five institutions collectively.
The World Bank Institute is the capacity development branch of the World Bank, providing learning and other capacity-building programs to member countries.
The agencies of the World Bank are each governed by their Articles of Agreement that serve as the legal and institutional foundation for all their work.
The activities of the IFC and MIGA include investment in the private sector and providing insurance, respectively.
Government Grants For Disabled People
Many people are in an area of ignorance of the diversity of programs carried out by public and private entities for inclusion and provide grants and aid for people with disabilities of all ages who have a recognized disability or are in a situation of dependency. The aid available may be subject to the characteristics of each person: age, type of disability, degree of limitation in day-to-day activities, degree of dependence, and other situations. They cover different areas of attention, being able to be requested throughout the national territory, such as the Town Halls and the Autonomous Communities. We accompany you to know what they are about and how to access the different aids for people with disabilities.
Here are the major categories which are being offered by government for grants for disabled people.
- Temporary Disability Economic Benefits
- Disabled Grants for training, study and sport
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Differences Between Grants And Loan
Most time, the majority are scared of taking a grant all in the name of being scared of paying a return or interest on given money, most people even hear of grants but keep a deaf ear to it all because they see grants as a loan. Some even go as far as thinking grants are a form of a cooperative society form. So many have missed the opportunity that should have benefitted their dreams and career as a result of ignorance.
Grants are quite different from other kind or type of Federal government financial assistance, grants are non-refundable assistance while other forms of financial assistance are refundable and at times it attracts the additional amount of interest for a specific period of time. The importance of a Federal grant is to help some schools to improve their facilities, help the non-profit organization, and also to help researchers to further on their research, also for the completion of projects. There are different types of Federal government grants with their requirements and also their method or mode of application. Below is a list of some of the federal government grants in Nigeria and how to apply for it.
MAJOR PURPOSE OF A GRANT
MAJOR CHALLENGES OF A GRANTS
POSSIBLE WAY OUT
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National Covid 19 Action Recovery And Economic Stimulus Business Loans 2021
National Covid 19 Action Recovery and Economic Stimulus Program for Micro businesses and Small businesses
The National Covid 19 Action Recovery and Economic Stimulus will assist vulnerable Nigerians who were hit by the pandemic. It is a multi-sectoral programme designed to provide immediate emergency relief to vulnerable and poor Nigerians, smallholder farmers, and small and medium enterprises that were adversely affected by the COVID-19 pandemic using the World Bank grant of $750m over a period of two years which is from 2021 2023.
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World Bank Approves First Grants To Somalia In 30 Years
3 Min Read
NAIROBI – The World Bank has approved $80 million in grants to Somalia to fund public finance reforms, marking the first disbursement to the government of the conflict-ridden country in 30 years, the bank said.
The Washington-based lender, which suspended ties with the country when war broke out in 1991, resumed support for Somalia in 2003, at the time saying it would focus on HIV/AIDS and livestock programs with other organizations, but it has not approved any direct lending to the government to date.
It reopened direct ties with Somalias federal government in early 2013.
Its board had approved financing of $60 million for the Recurrent Cost and Reform Financing Project and $20 million for the Domestic Revenue and Public Financial Management Capacity Strengthening Project, it said in a statement late on Tuesday.
They represent a milestone in Somalias development and reconstruction, the bank said.
The bank said it would also work with the government in Mogadishu to improve services like education and healthcare, access to clean water, energy and finance for its citizens – under a program called Country Partnership Framework.
Somalias economy was forecast to grow by an average of between 3.5 and 4.5 percent annually in 2019-2022, when the partnership on social services will run, the bank said.
Reporting by George Obulutsa, Editing by Duncan Miriri and William Maclean
Federal Government Grants For Business
Any individual between the ages of 18-65 with a good business plan can refer to the Central Bank of Nigeria to receive federal grants for business.
This federal grant program has $10 billion for business grants. The aim of this program is to:
The application for a grant is very competitive there are specialists who consider and access the business concepts. You have to pass the selection stage in order to receive the grant.
An area where you can get government grants is agriculture. Federal Government has given much attention to the agricultural sector in terms of grants.
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How To Apply For A World Bank Grant In Nigeria
Please note that the more reliable the source of the grant, the fiercer the competition, and the more difficult it would be to access it.
Therefore, it is much easier to win a business grant awarded by a local NGOthan it is to win one awarded by the Federal government grant or even one that is established by an international organization.
You should also study the requirements and eligibility criteria of the grant you seek to apply for to know if your business is qualified to receive it.
Application Tips
Here, however, are few tips on how to apply for the Word Bank grants in Nigeria.
CSN Team.
You Won The Government Grant In A Drawing
The government does not award grants based on a drawing or raffle an individual or entity must first apply for the grant through a federal website, like Grants.gov. Any individual who claims the government is awarding a grant, for example, to a lucky group of citizens who have paid their taxes on time is attempting to scam you.
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Federal Government Grants For Agriculture
This grant is the financial support from the federal government of Nigeria to support the agricultural sector. A farmer who has registered under this association is eligible for this type of grant.
How To Apply:
The following steps are to follow
These are a form of Grants that are given out to small Scale businesses for the development of technology, also for scientific entrepreneurship.
You or your organization must be in line with the purpose and aim of these grants. There are several federal governments that agencies in charge of granting these supports.
Great News You Are Eligible To Receive A Government Grant
The government does not contact individuals to award grants for which there has been no application. An individual who makes this claim is not from the government and could be trying to collect private personal data from you, such as your Social Security number, bank account number or other such information.
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Sokoto Tops List As Fg Disburses N123bn World Bank Fiscal Transparency Grant To States
The federal government has disbursed N123.34 billion performance-based grant to eligible states under the World Bank supported states fiscal transparency, accountability and sustainability programme for results.
Zainab Ahmed, minister of finance, budget and national planning, said Sokoto state received the highest amount of N6.612 billion while Kano state got the lowest amount of N1.710 billion.
Bayelsa, Imo, Rivers and Zamfara States got zero allocation due to their inability to meet the 2019 eligibility criteria which required States to publish online approved annual budgets and audited financial statements within a specific timeframe, a statement by Hassan Dodo, director of press at the finance ministry quoted Ahmed to have said.
She explained that states were awarded for results achieved across disbursements linked indicators such as fiscal transparency, accountability, expenditure efficiency, revenue mobilization and debt sustainability, in the 2019 annual performance assessment .
She said the assessment was carried out by the office of the auditor general for the federation as the independent verification agent and approved by the programme coordination unit of the federal ministry of finance, budget and national planning.
Ahmed also said that the disbursement included N91.048 billion of performance-based grants for the 2019 APA results achieved by 32 eligible states.
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World Bank Grants In Nigeria For Small Business
A. What is a Small Business Grant?
A small business grant is the degree of funding made available to an entrepreneur to start a new business or to expand an existing one. Unlike the case of what obtains with loans, not all grants are will be required to be paid back by the financier. Usually, small business grants come from various sources like government-empowered organizations, international organizations, and non-governmental organizations.
B. Types of Small Business Grants in Nigeria.
Small business grants are available in different scenarios, such as the following:
- Direct Grant:
This is a cash award, given as part of the start-up capital or expansion budget for a business. The cash award makes up part of the total cost.
Most awarded of this type of grants will require that the applicant himself/herself have a substantial cash investment in the overall total of the required capital.
- Repayable Grant:
This kind of grant is offered without interest to a business owner. It is expected that the entrepreneur pays back over a period of time from future revenues gained from the business operation.
However, in the eventuality that the business fails or collapses, the repayment of the grant is scrapped out.
- Soft Loan:
This is a form of a grant that is structured like a loan, the difference is that the interest may be very minute or non-existent. The repayment plans are way relaxed and spread thinly over a large period of time.
- Equity Grant:
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Government Grants For Nonprofits
A nonprofit organization basically work towards social welfare. they receive fund from government and work for humanity. In General the non profit organization is a organization which get funds from government and work towards social benefits without thinking of making profits. There are many types of nonprofit organization available or anyone can register.
- Non Profit Religious Organizations
- Non Profit Social welfare organizations
- Non Profit Trade union and agrarian organizations
- Non Profit Commercial Help Organizations
- Non Profit Veterans Organizations
Anyone who need the Government Grants to Non Profit Organizations can connect with government authority.
