Sunday Okobi
The Islamic Development Bank (IsDB) has moved to strengthen the longstanding partnership between Nigeriaand the IsDB Group to advance cooperation below the IsDB Group Country Engagement Framework (CEF) 2026–2028. The financial institution disclosed that the transfer was additionally to help Nigeria’s improvement priorities, corresponding to infrastructure, personal sector improvement, Islamic finance, and financial diversification.
The motion, in response to an announcement issued and made accessible to THISDAY by the IsDB Communication Director, Ahmed Abu Ghazeleh, was taken yesterday when Chairman of the IsDB Group, Dr. Muhammad Al Jasser, held a productive bilateral assembly with the Minister of Finance and Coordinating Minister of the Economy of the Federal.
Republic of Nigeria and IsDB Governor, Mr.
Taiwo Oyedele, on the margins of the World Bank Group and International Monetary Fund Annual Meetings in Bangkok, Thailand.
Dr. Al Jasser expressed appreciation for Nigeria’s continued help for the IsDB Group, and counseled the nation’s efforts to diversify its economic system and improve competitiveness.
He reaffirmed the group’s dedication to supporting Nigeria’s improvement
agenda by way of the IsDB and its affiliated establishments: the Islamic Corporation for the Development of the Private Sector (ICD), the International Islamic Trade Finance Corporation (ITFC), the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), and the IsDB Institute (IsDBi).
The two events reviewed the IsDB Group’s increasing portfolio in Nigeria, and in addition mentioned progress in implementing the CEF, which goals to speed up financial transformation by way of infrastructure improvement, inclusive human capital improvement, personal sector development, and the growth of Islamic finance and the halal economic system.
The assembly additionally highlighted the approval of six initiatives throughout precedence sectors, together with agriculture, renewable vitality, well being, infrastructure, and local weather resilience.
“These initiatives are anticipated to make a big contribution to sustainable development, financial resilience, and improved livelihoods throughout the nation.
“Building on the momentum from the IsDB Group Day held in Lagos earlier this yr, the discussions reaffirmed Nigeria and the IsDB Group’s joint dedication to delivering impactful, large-scale improvement programmes aligned with the nation’s long-term improvement
aims and Agenda 2050,” the assertion added.
Meanwhile, Al Jasser additionally met with the Managing Director of the International Monetary Fund (IMF), Ms. Kristalina Georgieva, on the sidelines of the 2026 World Bank–IMF Annual Meetings in Bangkok to debate increasing cooperation in Islamic finance, monetary stability, capability improvement, and information change.
The assertion disclosed that the discussions reviewed progress below the IsDB–IMF cooperation framework, together with joint initiatives in Islamic finance and the forthcoming joint report on Islamic banking and monetary stability.
“The two leaders also explored opportunities to strengthen collaboration on regional economic analysis, macroeconomic developments, and financial stability, with particular attention to issues affecting IsDB Member Countries,” it added
According to the assertion, Dr. Al Jasser emphasised the significance of scaling up joint capacity-development programmes by way of the IsDB Institute and the IMF Middle East Centre for Economics and Finance, constructing on the establishments’ latest cooperation in Islamic banking, monetary regulation, and associated coverage areas.
The assembly reaffirmed IsDB and the IMF’s shared dedication to selling sensible cooperation by way of joint analysis, capability improvement, coverage dialogue, and knowledge-sharing initiatives that help resilient, inclusive, and sustainable financial development.
IsDB and Cameroon Sign EUR 212.35 Million Financing Agreement for Major Transport Project.
Also, the assertion famous that in Bangkok, Thailand, IsDB and the Republic of
Cameroon signed a EUR 212.35 million financing settlement to help the
Douala–Bafoussam Road Rehabilitation Project, a serious transport initiative protecting a important hall that connects the nation’s Littoral and West areas.
The settlement, the assertion stated, was signed by the Chairman of the IsDB Group, Al Jasser, and Cameroon’s Minister of Economy, Planning and Regional Development and IsDB Governor, Mr. Alamine Ousmane Mey, on the sidelines of the annual conferences in Bangkok.
The challenge goals to reinforce regional connectivity, decrease transportation prices, facilitate the motion of products to home and worldwide markets by way of the Port of Douala, and develop entry to financial alternatives for communities alongside the hall. It consists of rehabilitating 218 kilometres of nationwide roads and 108 kilometres of feeder roads, and enhancing social infrastructure, together with school rooms, well being centres, water amenities, markets, and agricultural amenities.
After the signing ceremony, the 2 sides held bilateral discussions to discover methods to additional strengthen cooperation to help the nation’s improvement priorities.
Dr. Al Jasser counseled the robust partnership between the IsDB Group and Cameroon, noting
that cumulative IsDB Group approvals for the nation have surpassed the established goal and that the energetic portfolio spans a number of sectors, together with vitality, transport, and agriculture.
He reaffirmed the IsDB Group’s dedication to supporting Cameroon’s sustainable and inclusive
improvement agenda.
The financial institution chief emphasised the necessity to speed up challenge implementation to maximise improvement impression and guarantee well timed supply of accredited investments.
The discussions additionally reviewed progress in getting ready Cameroon’s upcoming Country Engagement.
Framework (2027–2030), which is anticipated to information future cooperation in precedence sectors, together with agriculture, vitality, water, transport, schooling, and well being.
Since Cameroon joined the IsDB in 1977, the IsDB Group has accredited US$4.22 billion in financing for the nation, reflecting practically 5 a long time of improvement cooperation.
Also, the IsDB and Benin Republic strengthened the event partnership by signing €326 million in financing agreements.
Al Jasser and the Benin Republic Delegate Minister to the Minister of Economy and
Finance, accountable for External Resource Mobilisation and Debt Management,
Mr. Hugues Oscar Lokossou, disclosed this at a bilateral assembly in Bangkok, which
offered the chance to debate Benin’s improvement priorities and discover
avenues for additional cooperation, notably in infrastructure, agriculture, and different sectors.
Following the assembly, IsDB and the Republic of Benin signed co-financing agreements for 2 key improvement initiatives, which included the Godomey–Ouidah–Hillacondji Road Capacity Expansion and Upgrading Project, with a complete value of €576.06 million, and will obtain €306.89 million in IsDB financing to enhance highway security and
effectivity, scale back journey instances and transport prices, and strengthen regional connectivity and commerce
alongside the Abidjan–Lagos hall.
“The Sustainable Intensification of Legume-Based Systems for Soil Fertility, Agricultural Resilience, and Food Security Project, with a complete value of €20.70 million, will obtain €19.17 million in IsDB financing to advertise sustainable legume-based agriculture, enhance soil fertility, strengthen meals
safety, and improve local weather resilience throughout 5 improvement poles,” the assertion added.
Al Jasser, in response to the assertion, reaffirmed the IsDB Group’s dedication to its longstanding partnership with
the Republic of Benin, emphasizing the significance of continued collaboration to advance sustainable improvement and ship tangible advantages to communities.
