Islamic Development Bank Lends Nigeria $678M For Infrastructure

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Written by Kevin Mwanza

Nigeria has recieved $678 million from the Islamic Development Bank (IDB) for infrastructure development, the bank’s Vice President, Birama Sidibe, told Tribune.

Sidibe said half of the money was devoted to financing trade operations, while the rest was expended on different sector of the economy.

“Half of it was devoted to financing trade operations, very important. The rest was on education, health, agriculture and, of course, power, water and sanitation,” He said.

“The new opportunity of infrastructure financing in Nigeria, mainly electricity generation and distribution, may lead to need for connectivity. I mean highways, railways projects being given a big level of things that any investor would be proud to be associated with it.”

Sidibe observed that Nigeria was one of the most important and among the top eight shareholders of the bank, “meaning that the relationship between our bank and Nigeria is very important to us, because Nigeria is a top shareholder and among the top shareholder.

“I’m looking at what’s happening in terms of the  transformation agenda, agriculture agenda, industry agenda, afforestation agenda, it’s really good,” he said.