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FG obtains $523 .8m Islamic Development Bank grant


By Anthony Okafor

The Federal Government said it has obtained a $532.8 million grant from the Islamic Development Bank, IDB.

Minister of Finance, Mrs Zainab Ahmed, sealed the deal for the grant meant for Technical Assistance, with the ISDB Group, in Marrakesh, Morocco on Monday.

FG obtains $523 .8m Islamic Development Bank grant
FG obtains $523 .8m Islamic Development Bank grant

A statement by the Special Adviser to the Minister of Finance on Media and Communications, Mr Paul Abechi, in Abuja, said that the Minister signed on behalf of the Federal Government, while the President of the ISDB Group, Dr. Bandar M. H. Hajjar, signed on behalf of the Group.

The Minister said the TA agreement grant would be used to address capacity building/equipment and logistics upgrade in the Hajj Commission and for the improvement of cotton, textile and garment value chain in the Federal Ministry of Industry, Trade and Investment.

She added that the National Hajj Commission of Nigeria (NAHCON) gets $243,823.0, and the Federal Ministry of Industry, Trade and Investment gets $280,000 respectively.

READ MORE: Breaking: Nigerian woman executed in Saudi Arabia for drug trafficking

Meanwhile, the Minister told members at the Annual General Meeting of the bank that state governments in

Nigeria were doing their best to boost agriculture and food production.

“State governments in Nigeria are adopting cluster farming which has eased access to funds by farmers, increased growth and allows access to facilities without collateral”, she stated.


 

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