Islamic Development Bank (IsDB) Approves More than US$ 110 Million for New Development Projects in MCs. This includes the disbursement of a US $86.64 million loans to the Niger State Government in North Central Nigeria for the construction and upgrading of the 82-kilometre Minna-Bida road.
Governor Abubakar Sani Bello’s administration started the process of securing the credit facilities about three years ago, before awarding the reconstruction of the road to Dantata and Sawoe Company in 2020.
The chief press secretary to the governor, Mary Noel Berje, in a statement indicates that the board of executive directors of the bank gave the approval of the loan at its 341st meeting held on the sidelines of the IsDB Group Board of Governors’ 2021 Annual General Meeting in Tashkent, Uzbekistan.
Islamic Development Bank board approved funds totaling $110.14 million for three new development projects in infrastructure, water and sanitation as well as education to be executed in Nigeria (Niger State), Guinea and Sierra Leone, official statement noted.
“The upgrading of the Minna-Bida Road Project, which already in progress, is expected to contribute to the socioeconomic development of the State through the establishment of safe, efficient and cost-effective interconnections not only between Local Government Areas in the State but also amongst States of the Northern and South Western parts of the country,” added Gov. Bello.
The overall development objective of the project is to contribute to the socio-economic development of Niger State in Nigeria through constructing safe, efficient, and cost-effective interconnections between the Local Government Areas (LGAs) of Niger State, IsDB stated.
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Other approved projects are Wastewater Treatment Development Project in Conakry (US$ 18.8 million) Republic of Guinea. The Project aims to improve sanitation service in Conakry by treating the collected wastewater before discharging it to the ocean in order to protect the public and environment from the negative effects of the untreated wastewater.
Similarly, the Bank approved the Digital Connectivity in Schools to Accelerate COVID-19 Education Response and Recovery Project (US$ 5 million) in Sierra Leone. The project’s main objectives are to: (i) Restore and restart the educational system and connect communities to critical information and opportunities in the digital economy, and (ii) Drive economic stimulus through the connection of community’s information and opportunities in the digital economy. The project is to expand digital connectivity in schools to accelerate COVID-19 education response and recovery; and to create access to updated educational content, and online courses.
Established in 1975, Islamic Development Bank is a Multilateral Development Finance Institution supporting the development aspirations of its member countries.
