IDB approves $389.3m new financings for development, as Sambo charts new course for bank
WorldStage Newsonline-- The Islamic Development Bank (IDB) in its 282nd meeting has approved $389.3million of new financings to support development drive in member countries and Muslim communities in different parts of the world.
The Board of Executive Directors similarly approved grants up to $867million for educational and health projects for Muslim communities in the United States of America, Denmark, Ethiopia and Zimbabwe.
The Board meeting which was Chaired by the President of IDB Group, Dr. Ahmad Mohammed Ali, was part of the 37th Annual Meeting of the IDB which officially opened on Tuesday in Khartoum, Sudan.
The new financings cover different infrastructural projects in Sub-Saharan Africa, Sudan, Lebanon, Uganda, Bahrain, Uzbekistan, Mauritania and Iran.
Vice President Namadi Sambo accompanied by his wife, Hajiya Amina Sambo, led the Federal government's delegation to the meeting.
In his remarks at the opening ceremony, Vice President Sambo, expressed Nigeria’s close identification with the primary aims and objectives of the IDB Group.
Sambo also observed that "no endeavour is more worthwhile than the development of human capital, investing in poverty alleviation, advancing the frontiers of Science and Technology, improving our individual economy and economies of member countries and by extension the global economy.
"These objectives are in line with the Federal Government of Nigeria’s Transformation Agenda."
He further noted that Africa particularly Sub – Saharan Africa had keen interest in programmes that focused particularly on poverty alleviation and the promotion of the economic and social developments of the vulnerable segment of its population.
"It is in this vein that I thank you for the support you have always given to development initiatives in Africa and to therefore solicit your continuous support for the implementation of the Special Program for the Development of Africa (SPDA II)," he said.
The Vice President assured the bank of Nigeria's continuous support and commitment towards building a stronger partnership and institution that would drive and provide the much needed developmental needs of its member countries.
The Annual Meeting which was declared opened by the President of Sudan, Hassan Ahmed al Bashir, is being attended by Ministers of Finance, Economy and Planning of 56 member countries along with hundreds of delegates.