First Independent Mena Newspaper
The Islamic Development Bank (IsDB) has approved nearly $297 million to fund major development projects in Côte d’Ivoire, Gambia, and Mauritania. The funds aim to boost job creation, strengthen public services, and drive inclusive growth. The approval came during the IsDB’s 361st Board of Directors meeting held at the beginning of this week. The financing […]
The Islamic Development Bank (IsDB) has agreed to fund 50 pc of the Front-End Engineering Design (FEED) Study for the Nigeria-Morocco Gas Pipeline project expected to enhance African integration, regional trade, and economic cooperation. The funding agreement was signed remotely on Monday by IsDB Vice President Mansur Muhtar, Moroccan Economy & Finance minister Nadia Fettah, […]
Egypt is negotiating with five international financial institutions funding for planned Aswan-Toshka railway project linking the Arab republic to neighboring Sudan, reports say. The European Bank for Reconstruction and Development, European Investment Bank, World Bank, Asian Infrastructure Investment Bank, and Islamic Development Bank, Arab Finance reports citing Al Mal. The media did not disclose the […]
The Islamic Development Bank (IsDB) and the European Investment Bank have discussed at meetings held in Luxembourg this week opportunities for co-financing new projects in Africa and Southern Mediterranean Countries. The meetings were held as an IsDB delegation, led by the Bank’s President, Bandar Hajjar, is visiting the European Investment Bank’s headquarters in Luxembourg. During […]
Moroccan state-owned bank Credit Agricole (CAM) received the approval of the Ministry of Finance to open an Islamic subsidiary with The Islamic Development Bank (IDB), the Central Bank, Bank Al Maghrib, said in an official bulletin. Bank Al Maghrib added that it is in the final stages of launching Islamic finance industry, which is referred […]
Mauritanian President Ould Abdel Aziz inaugurated Tuesday the country’s first wind energy plant expected to produce about 30 megawatt, enough to cover 14% of energy need of the capital, Nouakchott. The new energy plant worth €43 million was co-funded by Mauritania and the Arab Fund for economic and social development. Mauritanian minister of energy Ahmed […]
The European Bank for Reconstruction and Development (EBRD) has placed a great deal of interest in the Egyptian private sector and with a total budget of €688m dedicated to investments in 30 projects in Egypt and other regional countries such as Morocco, Tunisia and Jordan. With nine projects over the past 18months, the bank has […]
In a move to restore its economy after the 2011 uprising, Tunisia plans to issue for the first time an Islamic bond or sukuk worth 700m dinars ($435.85m) with the guarantee of the Islamic Development Bank and $1.8bn in new foreign bonds this year; $880m guaranteed by the United States and $1bn guaranteed by Japan. […]
The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank Group, and the Egyptian government have reached a financial and initial working capital terms agreement in Cairo. The agreement is essential for works on the Al Nouran Sugar Project, where an amount of $372 million […]
The Arab Contractors (AC), one of the leading construction companies in Egypt and the MENA region, has won a $30mln contract for the extension and modernization of the Abidjan International Airport cargo facilities. The project, funded by the Islamic Development Bank, will enable the Ivory Coast authorities to replace the old airport by a new […]