Sunday Okobi
The Islamic Development Bank (IsDB) has moved to strengthen the longstanding partnership between Nigeriaand the IsDB Group to advance cooperation under the IsDB Group Country Engagement Framework (CEF) 2026–2028. The bank disclosed that the move was also to support Nigeria’s development priorities, such as infrastructure, private sector development, Islamic finance, and economic diversification.
The action, according to a statement issued and made available to THISDAY by the IsDB Communication Director, Ahmed Abu Ghazeleh, was taken yesterday when Chairman of the IsDB Group, Dr. Muhammad Al Jasser, held a productive bilateral meeting with the Minister of Finance and Coordinating Minister of the Economy of the Federal.
Republic of Nigeria and IsDB Governor, Mr.
Taiwo Oyedele, on the margins of the World Bank Group and International Monetary Fund Annual Meetings in Bangkok, Thailand.
Dr. Al Jasser expressed appreciation for Nigeria’s continued support for the IsDB Group, and commended the country’s efforts to diversify its economy and enhance competitiveness.
He reaffirmed the group’s commitment to supporting Nigeria’s development
agenda through the IsDB and its affiliated institutions: the Islamic Corporation for the Development of the Private Sector (ICD), the International Islamic Trade Finance Corporation (ITFC), the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), and the IsDB Institute (IsDBi).
The two parties reviewed the IsDB Group’s expanding portfolio in Nigeria, and also discussed progress in implementing the CEF, which aims to accelerate economic transformation through infrastructure development, inclusive human capital development, private sector growth, and the expansion of Islamic finance and the halal economy.
The meeting also highlighted the approval of six projects across priority sectors, including agriculture, renewable energy, health, infrastructure, and climate resilience.
“These projects are expected to make a significant contribution to sustainable growth, economic resilience, and improved livelihoods across the country.
“Building on the momentum from the IsDB Group Day held in Lagos earlier this year, the discussions reaffirmed Nigeria and the IsDB Group’s joint commitment to delivering impactful, large-scale development programmes aligned with the country’s long-term development
objectives and Agenda 2050,” the statement added.
Meanwhile, Al Jasser also met with the Managing Director of the International Monetary Fund (IMF), Ms. Kristalina Georgieva, on the sidelines of the 2026 World Bank–IMF Annual Meetings in Bangkok to discuss expanding cooperation in Islamic finance, financial stability, capacity development, and knowledge exchange.
The statement disclosed that the discussions reviewed progress under the IsDB–IMF cooperation framework, including joint initiatives in Islamic finance and the forthcoming joint report on Islamic banking and financial stability.
“The two leaders also explored opportunities to strengthen collaboration on regional economic analysis, macroeconomic developments, and financial stability, with particular attention to issues affecting IsDB Member Countries,” it added
According to the statement, Dr. Al Jasser emphasised the importance of scaling up joint capacity-development programmes through the IsDB Institute and the IMF Middle East Centre for Economics and Finance, building on the institutions’ recent cooperation in Islamic banking, financial regulation, and related policy areas.
The meeting reaffirmed IsDB and the IMF’s shared commitment to promoting practical cooperation through joint research, capacity development, policy dialogue, and knowledge-sharing initiatives that support resilient, inclusive, and sustainable economic growth.
IsDB and Cameroon Sign EUR 212.35 Million Financing Agreement for Major Transport Project.
Also, the statement noted that in Bangkok, Thailand, IsDB and the Republic of
Cameroon signed a EUR 212.35 million financing agreement to support the
Douala–Bafoussam Road Rehabilitation Project, a major transport initiative covering a critical corridor that connects the country’s Littoral and West regions.
The agreement, the statement said, was signed by the Chairman of the IsDB Group, Al Jasser, and Cameroon’s Minister of Economy, Planning and Regional Development and IsDB Governor, Mr. Alamine Ousmane Mey, on the sidelines of the annual meetings in Bangkok.
The project aims to enhance regional connectivity, lower transportation costs, facilitate the movement of goods to domestic and international markets through the Port of Douala, and expand access to economic opportunities for communities along the corridor. It includes rehabilitating 218 kilometres of national roads and 108 kilometres of feeder roads, and improving social infrastructure, including classrooms, health centres, water facilities, markets, and agricultural facilities.
After the signing ceremony, the two sides held bilateral discussions to explore ways to further strengthen cooperation to support the country’s development priorities.
Dr. Al Jasser commended the strong partnership between the IsDB Group and Cameroon, noting
that cumulative IsDB Group approvals for the country have surpassed the established target and that the active portfolio spans several sectors, including energy, transport, and agriculture.
He reaffirmed the IsDB Group’s commitment to supporting Cameroon’s sustainable and inclusive
development agenda.
The bank chief emphasised the need to accelerate project implementation to maximise development impact and ensure timely delivery of approved investments.
The discussions also reviewed progress in preparing Cameroon’s upcoming Country Engagement.
Framework (2027–2030), which is expected to guide future cooperation in priority sectors, including agriculture, energy, water, transport, education, and health.
Since Cameroon joined the IsDB in 1977, the IsDB Group has approved US$4.22 billion in financing for the country, reflecting nearly five decades of development cooperation.
Also, the IsDB and Benin Republic strengthened the development partnership by signing €326 million in financing agreements.
Al Jasser and the Benin Republic Delegate Minister to the Minister of Economy and
Finance, in charge of External Resource Mobilisation and Debt Management,
Mr. Hugues Oscar Lokossou, disclosed this at a bilateral meeting in Bangkok, which
provided the opportunity to discuss Benin’s development priorities and explore
avenues for further cooperation, particularly in infrastructure, agriculture, and other sectors.
Following the meeting, IsDB and the Republic of Benin signed co-financing agreements for two key development projects, which included the Godomey–Ouidah–Hillacondji Road Capacity Expansion and Upgrading Project, with a total cost of €576.06 million, and will receive €306.89 million in IsDB financing to improve road safety and
efficiency, reduce travel times and transport costs, and strengthen regional connectivity and trade
along the Abidjan–Lagos corridor.
“The Sustainable Intensification of Legume-Based Systems for Soil Fertility, Agricultural Resilience, and Food Security Project, with a total cost of €20.70 million, will receive €19.17 million in IsDB financing to promote sustainable legume-based agriculture, improve soil fertility, strengthen food
security, and enhance climate resilience across five development poles,” the statement added.
Al Jasser, according to the statement, reaffirmed the IsDB Group’s commitment to its longstanding partnership with
the Republic of Benin, emphasizing the importance of continued collaboration to advance sustainable development and deliver tangible benefits to communities.