Nigeria to get $1.8bn from Islamic Development Bank

The Federal Government is to get $1.8 billion from the Islamic Development Bank (IDB), to be used to execute projects across the country.

This was disclosed by the president of the Saudi-based bank, Dr Mohamed Jasser, at a meeting with the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, in Abuja, Monday.

The Islamic Development Bank is a multilateral development finance institution focusing on infrastructure development.

It has 57 shareholding member states, with Nigeria holding an 8.75 per cent equity.

Jasser said, “The Islamic Development Bank has approved a total financing of $1.8bn for Nigeria.

“This includes $971m in project financing and $288m provided by our private sector affiliate and $477m in trade operation by our trade arm, International Islamic Trade Finance Corporation, and $90m by other Islamic Development Bank Group funds and operations.”

Jasser also said the Islamic Development Bank’s portfolio in Nigeria stood at $1.2 billion, adding that the bank had completed 35 per cent of those projects and looked forward to strengthening the bilateral and regional initiatives with Nigeria.

He said the bank’s portfolio covered 15 states of the federation, and commended the Federal Government for its economic diversification initiatives.

“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,” he stated.

-Ripples Nigeria