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IDB Approves $389m for Devt in Member States

04 Apr 2012

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Vice President Namadi Sambo


By  Ahamefula Ogbu     


The 37th Annual General meeting of the Islamic Development Bank which held in Khartoum, the Sudanese capital, has approved $389.3 million to finance development projects in member countries across the globe.

IDB also approved grants of $867 million for education and health projects for Muslim communities in the United States of America, Zimbabwe, Ethiopia and Denmark.

The central team of the Transformation Agenda was poverty alleviation, improving economic wellbeing of individuals and using available resources to address areas of developmental need.

Vice President Namadi Sambo led Nigerian delegation to the meeting of the bank and made presentations that led to the bank approving about $2 billion for development integration with the Transformation agenda of the administration between 2012 and 2914.

The Board which approved the grants was chaired by the IDB President, Dr. Ahmad Mohammed Ali who commended Nigeria’s interest in the affairs of the bank and offered to partner with her for development financing.

In his presentation, Sambo had emphasised the need for human capital development and explained that Nigeria was moving towards infrastructural development to set the stage for expected huge inflow of foreign direct investments.

Sambo also spoke on the need for member countries to integrate their economies and partner in development so that the synergy would produce the expected quantum leap as opportunities in Nigeria are waiting to be tapped.

Tags: Featured, News, Nigeria, Islamic Development Bank

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