The Islamic Development Bank is set to release a total sum of $150m for the development of Agro-Processing Zones in Nigeria. This was disclosed by the Vice President of the bank, Dr Mansur Muhtar, during a panel session at the 5th African International Conference on Islamic Finance in Abuja.
Muhtar said that Islamic banking is asset-backed and based on participation and risk sharing. He added that other elements, such as social and environmental sustainability, that are consistent with Islamic principles of supporting soci-economic infrastructure would also be factored in.
He further expressed that IsDB’s facilities offer several features and practices that will support the growth of social and fiscal infrastructure.
Earlier in September this year, the African Development Bank had disclosed that it was collaborating with other multilateral organisations to finance the first phase of the Special Agro-industrial Processing Zones with the sum of $520m in some selected states across Nigeria.
