Islamic Development Bank Supports Nigeria with $1.8 bn

Islamic Development Bank Supports Nigeria with $1.8 bn

Islamic Development Bank Supports Nigeria with $1.8 bn The Islamic Development Bank (IsDB) will continue to engage Nigeria on its strategic priorities areas such as economic and social infrastructure, the President of the bank, Dr Muhammad Aljasseer has said. Aljaseer made this known while briefing newsmen while visiting project sites in Kano State on Tuesday.

Islamic Development Bank Supports Nigeria with $1.8 bn

The Islamic Development Bank (IsDB) will continue to engage Nigeria on its strategic priorities areas such as economic and social infrastructure, the President of the bank, Dr Muhammad Aljasseer has said.

Aljaseer made this known while briefing newsmen while visiting project sites in Kano State on Tuesday.

The president, who said that it was his first time visiting Nigeria or sub-saharan Africa, commended the Kano State Agro-Pastoral Development Project (KSADP) for meeting the expectations of the bank, which is the sponsor of the project whose objective is to reduce poverty by strengthening food security in Kano.

He said that the project funded by the bank and the Lives and Livelihood Funds (LLF), has contributed to poverty reduction and strengthened food and nutrition security in the state.

“The bank has been monitoring Kano’s performance. I am impressed that you are working very hard to meet the bank’s expectations.

”The IsDB has approved a total financing of 1.8 billion dollars for Nigeria.

”The 1.8 billion dollars facility for Nigeria is made up of 971 million dollars for project financing by the bank, and about 288 million dollars provided by the Islamic Corporation for Development (ICD)–IsDB’s private sector affiliate,” he said.

He further said that 477 million dollars was in form of trade operations by its trade arm, the International Islamic Trade Finance Corporation (ITFC) and 90 million dollars from other funds and operations.

“Our investment guarantee arm has provided 1.1 billion dollars as business insured and 1 billion dollars as a new insurance commitment to help attract businesses and insure them.

“The IsDB active portfolio in Nigeria now stands at 1.2 billion dollars and we look forward to strengthening our bilateral relations.

“The bank is keen to continue to engage Nigeria on its strategic priorities areas such as economic and social infrastructure and advisory support for strengthening Islamic financial services,” he added.

Aljasser also inaugurated Veterinary Reference laboratory renovated and equipped by KSADP at Gwale Veterinary Clinic, in Kano.

The president also visited Watari dam infrastructure, renovated by KSADP, with funding from the IsDB and the LLF. (NAN)

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