The Islamic Development Bank will give the Federal government $1.8 billion to be used for projects around the nation.
This information was provided by Dr. Mohamed Jasser, President of the Saudi bank, at a meeting with Mrs. Zainab Ahmed, Minister of Finance, Budget, and National Planning, on Monday in Abuja.
An organization that provides international development financing with a focus on infrastructure development is the Islamic Development Bank.
There are 57 member countries with voting rights, with Nigeria owning 8.75% of the stock.
Jasser said on the loan, “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 revealed that the Islamic Development Bank has a $1.2 billion portfolio in Nigeria, noting that 35% of those projects were now complete and looking forward to advancing bilateral and regional projects with Nigeria.
He praised the federal government’s efforts at economic diversification and said that the bank’s portfolio included 15 of the union’s states.
“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 noted.
In order to demonstrate that the bank was aware of Nigeria’s potential and business opportunities, he listed two important projects: the Special Agro-Industrial Processing Zones Program and the Nigeria-Morocco gas pipeline.
He pleaded with the minister to assist the bank in acquiring land in Abuja so it could construct because the current office was no longer enough for business.
He claimed that the bank was actively supporting Nigeria with three capacity-building initiatives, one of which was the National Hajj Commission of Nigeria.
