The Islamic Development Bank (IsDB) will continue to engage Nigeria on economic and social infrastructure, says IsDB president Muhammad Aljasseer, disclosing that the IsDB and the Islamic Corporation for Development (ICD) are investing $1.8 billion in the country.

Mr Aljaseer disclosed this to journalists while visiting project sites in Kano on Tuesday and commended the Kano State Agro-Pastoral Development Project (KSADP) for meeting the bank’s expectations, which is the sponsor of the project, whose objective is to reduce poverty by strengthening food security in Kano.

He added that the project, funded by the bank and the Lives and Livelihood Funds (LLF), contributed to poverty reduction and strengthened food and nutrition security in Kano.

“The bank has been monitoring Kano’s performance. I am impressed that you are working very hard to meet the bank’s expectations. The IsDB has approved a total financing of $1.8 billion for Nigeria,” the bank’s president said. 

He added, “The $1.8 billion facility for Nigeria is made up of $971 million for project financing by the bank, and about $$288 million provided by the Islamic Corporation for Development (ICD)–IsDB’s private sector affiliate.”

He further stated that $477 million was in the form of trade operations by its trade arm, the International Islamic Trade Finance Corporation (ITFC) and $90 million from other funds and operations.

“Our investment guarantee arm has provided $1.1 billion as business insured and $1 billion as a new insurance commitment to help attract businesses and insure them,” Mr Aljasser explained. “The IsDB active portfolio in Nigeria now stands at $1.2 billion, and we look forward to strengthening our bilateral relations.”

According to him, the bank is keen to continue engaging Nigeria on its strategic priorities, “such as economic and social infrastructure and advisory support for strengthening Islamic financial services.”

Mr Aljasser inaugurated the veterinary reference laboratory renovated and equipped by KSADP at Gwale Veterinary Clinic in Kano and visited Watari dam infrastructure, renovated by KSADP, with funding from the IsDB and the LLF. 

(NAN)