Islamic Bank Approves $1.8bIllion To Finance Nigerian Projects

The Islamic Development Bank has sanctioned $1.8bn to finance several key projects in the country. <br />The President of the Saudi-based bank, Dr. Mohamed Jasser, says the Islamic Development Bank has approved a total financing of $1.8bn for Nigeria. <br />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. <br />Jasser disclosed that the Islamic Development Bank’s portfolio in Nigeria stood at $1.2bn, noting that the bank had completed 35 percent of those projects and looked forward to strengthening the bilateral and regional initiatives with Nigeria. <br />He says the bank’s portfolio covered 15 states of the federation, commending the Federal Government for its economic diversification initiatives.