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 bank’s 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.
"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
Nigeria's 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.
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