Why Anambra withdrew from World Bank loan –Soludo

Anambra State Governor, Professor Charles Soludo, has explained why his administration withdrew the state from a World Bank loan programme, stressing that the prevailing macroeconomic conditions at the time made the facility too costly, despite its low interest rate.
Soludo, who made the disclosure at the Delta State Economic and Investment Summit, yesterday, said the exchange rate distortions at the time meant that even a zero-interest loan could translate into an effective interest rate of more than 100%.
The governor maintained that exchange rate stability remains critical to attracting foreign capital and supporting economic growth at both the national and subnational levels. He ...