The Islamic Development Bank has disclosed that it is commiting $1.8 bilion to the financing of some key projects in the country.
President of the Saudi Arabia-based bank, Dr Mohamed Jasser, disclosed this at a meeting with the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, in Abuja.
The Islamic Development Bank is a multilateral development finance institution focusing on infrastructure development. It has 57 shareholding member states with Nigeria holding a 8.75 per cent equity.
According to Jasser, the approved sum includes $971 million in project financing and $288 million provided by the bank’s private sector affiliate and $477 million in trade operation by its trade arm, International Islamic Trade Finance Corporation, and another $90 million by other Islamic Development Bank Group funds and operations.
He further disclosed that the Islamic Development Bank’s portfolio in Nigeria stood at $1.2 billion in 15 states of the federation and that the bank had completed 35 per cent of those projects and looked forward to strengthening the bilateral and regional initiatives with Nigeria.
“The Islamic Development Bank will support Nigeria’s recovery from COVID-19, including providing the necessary support to the private sector to create jobs and revive economic growth,” Jasser noted.
He cited two key projects – Special Agro-Industrial Processing Zones Programme and the Nigeria-Morocco gas pipeline – noting that the bank was aware of Nigeria’s potential and opportunities for the private sector.
He appealed to the minister to help the bank get a piece of land where it could build in Abuja as the current office was no longer enough for operations.
