IDB pumps $2bn into various projects in Nigeria
Apart from another N30.2 billion for Food Security Programme covering Anambra, Gombe and Yobe States, the Saudi Arabia-based bank announced in Abuja weekend that it has also approved additional eight projects in the sum of $200million, and granted trade financing for $205 million to prominent companies and banks in the country.
The 56-member IDB finances development projects in member countries through a number of Sharia-compatible modes such as Loan, Leasing, Installment Sale, Equity Participation, Lines of Financing, etc.
Besides, its trade financing schemes, such as Import Trade Financing Operations (ITFO), Longer Term Trade Financing Scheme (LTTFS), Islamic Banks' Portfolio (IBP), etc., promote trade among member countries, and represents the strongest example of South-South cooperation. Nigeria joined the bank on June 15, 2010.
