ISLAMIC Development Bank To Begin Operations In Nigeria {25.01.2014} The Islamic Development Bank (IDB) has confirmed plans to commence operations in Abuja, Nigeria. Of the planned nine members of staff for the IDB Nigerian office, seven will be Nigerians. The Federal Government has approved the arangements. Vice President Namadi Sambo said this while receiving a delegation from the IDB, led by the banks vice chairman Birama Boubacar Sidibe, in his office at the State House. The team briefed the VP on their accomplishments and other programmes they have lined up for the next few months. Mr. Sambo congratulated the team for achievements. With the presence of the bank in Nigeria, we will have the desired international Triple A financial institution in our country, he said. The VP also added that Nigeria would continue to seek support and assistance of the IDB in the achievement of this administrations transformation agenda in areas which we need to address such as the factors militating against the economic growth of the country. This would enable the government to transform the socio-economic status of Nigeria, making her a viable country and facilitate the creation of wealth and jobs for our teeming youths. Mr. Sambo confirmed Nigerias invitation to participate in the forthcoming International Financial Conference on February 10, 2014. The Islamic Development Bank is a multilateral development financing institution located in Jeddah, Saudi Arabia. It was founded in 1973 by the Finance Ministers at the first Organisation of the Islamic Conference (now called the Organisation of Islamic Cooperation). The bank officially began its activities on 20 October 1975. There are 56 shareholding member states. Mohammed bin Faisal is the former president of the IsDB. On the 22 May 2013, IDB tripled its authorized capital to $150 billion to better serve Muslims in member and non-member countries. The Bank continues to receive the highest credit ratings of AAA by major rating agencies.
Posted on: Sat, 25 Jan 2014 20:11:45 +0000
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