IsDB Approves $2.8 Billion for Nigeria and Others

The Islamic Development Bank (IsDB) approved a financing package of US$2.8 billion during its 2026 annual meeting held in Baku, Azerbaijan, under the patronage of President Ilham Aliyev. The package aims to support transformative projects across member countries, including Nigeria.

Specifically, Nigeria will receive US$150 million for a solar energy development project aimed at expanding clean electricity generation and enhancing power reliability. Other approved projects include EUR 650.75 million for a railway project in Uganda, EUR 660.35 million for a rail cross project in Turkey, and various projects in Côte d'Ivoire, Palestine, Bangladesh, Gambia, and Benin.

The IsDB President, H.E. Dr.

Muhammad Al Jasser, emphasized the bank's commitment to sustainable development and regional integration, aligning with the bank's 10-year strategic framework for 2026-2035.