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In a bid to drive economic growth in Nigeria, the Islamic Development Bank has sanctioned $1.8bn to finance several key projects in the country.

This was disclosed by the President of the Saudi-based bank, Dr Mohamed Jasser, at a meeting with the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, in Abuja on Monday.

He said, “The Islamic Development Bank has approved a total financing of $1.8bn for Nigeria. This includes $971m in project financing and $288m provided by our private sector affiliate and $477m in trade operation by our trade arm, International Islamic Trade Finance Corporation, and $90m by other Islamic Development Bank Group funds and operations.”

Photo courtesy of Joslyn Pickens.