Islamic Development Bank Approves USD 1.8 Billion Loan for Key Nigerian Projects  

The Islamic Development Bank (IsDB) has announced its approval of a USD 1.8 billion loan to the Federal Government of Nigeria to finance key projects in the country, according to Dr. Muhammad Al Jasser, IsDB President and Group Chairman, at a meeting with Zainab Ahmed, Minister of Finance, Budget, and National Planning of Nigeria, on the 24th of October 2022 in Abuja.

Why it Matters?

IsDB had a USD 1.2 billion portfolio in 15 states of the federation in Nigeria, of which it has completed 35% of projects. The bank hopes to advance its bilateral and regional projects with the country and will aid Nigeria's recovery from COVID-19, notably by giving the private sector the assistance it needs to create job opportunities and revive economic growth.

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