Islamic Bank Approves $1.8bIllion To Finance Nigerian Projects
Newscast - Africa26 Loka 2022

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

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