The Industry Bank says that the World Bank has approved its nomination as provider of the MSME Component of NG-CARES (RA3) at the national level.

The BoI said in a statement titled, ‘Clarification of Nigeria’s COVID-19 Action Recovery and Economic Stimulus program’.

The BoI said the development built on the Bank of Industry’s successful track record in building field networks and technological infrastructure for transparent implementation of MSME intervention programs.

“The World Bank nominated the bank to provide this infrastructure for the delivery of the MSME Component of NG-CARES (RA3) throughout the country,” he stated.

According to the statement, NG-CARES is an initiative of the World Bank and the Federal Government of Nigeria to support the recovery of communities, households and businesses affected by COVID-19.

He said the program is owned by the state and state governments are fully responsible for funding and selection of beneficiaries.

The BoI stated that the funding agreement allowed each state the autonomy to allocate the preferred grant size and number of grants among the different program components, as approved by the World Bank.

He added that upon nomination, 28 out of 33 states chose the BoI as their preferred delivery partner to leverage the Bank’s MSME infrastructure to deliver NG-CARES.

The statement read in part: “Under this partnership, states are solely responsible for nominating recipients and selecting those to be disbursed, upon successful verification. The BoI’s role as implementation partner is to manage the end-to-end application and verification processes, and put forward successful candidates to enable disbursement decision-making by states. BoI disburses according to the instructions of the state.

“So far, the BoI has received more than one million applications for NG-CARES MSME grants in all states. While multiple recipients may apply or be nominated, recipients do not receive the grant if they do not meet the criteria to qualify, or if they are not selected for disbursement by their state as the state seeks to manage the funds available for the program and ensure equitable distribution of benefits across business categories, local government areas, gender, or other demographics.”