World Bank Grant 2021 | How To Apply
The World Bank (a member of the World Bank Group) is an international finance body; a monetary international finance organization capable of providing funds to nations for capital intense projects.
This post will focus on a full explanation of how to apply for 2021 world bank grants in Nigeria for small and medium-sized businesses (SMEs).
The world is made up of two institutions: The International Bank for reconstruction and development (IBRD) with 189 countries as members and the International Development Association (IDA) with 173 countries as members. The goal of the World Bank is to extensively reduce the level of global poverty.
About World Bank Grant in Nigeria
The World Bank since the year 1958 has been being helping the Nigerian government to fight to alleviate poverty and develop the living standards for the populace of the African Nation with well over 130 IBRD loans.
The World Bank Group has been a strong ally of the Nigerian government. She supports Nigeria around the following priorities:
- Creation and sustaining of growth in the diversification of jobs especially for young people, poor people, and women in the side-lined area.
- Re-establishing macroeconomics and financial growth by fine-tuned policy sponsoring and performance responsive lending.
- Agricultural-based funding with the intent to increase viable productivity.
- Investing in and promote ng growth and reforms towards non-oil growth and economic viability.
- Tackling the issues of climate change
- Restoring order in the conflict-affected zones of northeast Nigeria.
- Advocating for governmental and cultural commitment to gender equity
- Optimization of the quality of social service.
The World Bank has been courageous in encouraging the Nigerian economy through her efforts in the banking sector. In the banking sector, she hopes to invest in grass-roots businesses through the model microfinance banking system.
The bottom-up project as it is called will encompass the push of over 10 billion nairas in form of grants to help startups model microfinance banks that will in turn sequentially, give power to billions of local businesses to kick off and grow courtesy of the World Bank.
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 NGO than 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.
World Bank Grant 2021 | Application Tips
Here, however, are few tips on how to apply for the Word Bank grants in Nigeria.
- Refer to the website of the World Bank or the National and Local bodies they operate through to get the specifics of the grant that you seek.
- Write a proper and compelling business plan. Be assured that the grant providers will dissect your business plan meticulously to determine the worthiness of your business to be supported by the supported with the grant.
- Meticulously read and understand the specifics guiding the grant application process. Failure to complying with application guidelines is the shortest route to failure.
- Do your research, consult business owners who have previously won grants and milk them for all the information and advice you can get.
- Critically access yourself and your business to ascertain if you are qualified for the grant that you want to apply for.
- Begin to work on your grant application, making sure that it fits all the laid down guides by the grant providers. Study and get all the materials that may be needed in the course of filling the application.
- Review your application thoroughly to pinpoint perfection, make sure to keep a copy of your responses in your personal records. After this, you can then submit your application through the specified medium. And await the grant providers’ response.