Kaduna benefits from Islamic Bank’s $1.12bn devt financing

Kaduna State has been listed among the beneficiaries of the $1.12bn approved by the Islamic Development Bank (IsDB) for development projects financing.

The IsDB stated its board of executive directors also approved $1.79m grant for a number of other projects in key sectors such as food security, health, transport, energy, urban development, education, water, and sanitation.

The bank, which has its headquarters in Saudi Arabia, added that its board also approved two projects under the public-private partnership (PPP) mechanism for Uzbekistan and Uganda.

Confirming the development on Sunday, Kaduna State Governor, Nasir El-Rufai, stated: “The outstanding financing need for 300-Bed Specialist Hospital project in Kaduna has been generously approved by the Board of the Islamic Development Bank (IsDB).

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“Our gratitude to the Country Office in Abuja, Headquarters in Jeddah and our project management team in Kaduna.

“Other key proposals accepted included the debt restructuring of Queen Alia International Airport in Jordan, as well as the modification of the mode financing of the approved installment sale financing to Commodity Murabaha for the 300-bed hospital project in Kaduna State, Nigeria.”

Other beneficiaries of the funds include Uganda, Uzbekistan, Zambia, and India, among others.

The Star