MAPUTO, Republic of Mozambique
Islamic Development Bank (IDB) has sponsored projects in Africa worth more than $33 billion since starting operations there, the bank's President Ahmad Mohamed Ali said Tuesday.
Speaking at the forum on the "Role of the Coordination Group in the Development of Africa,” before the 40th Annual Meeting of the IDB in Maputo, Ali said the IDB has been Africa friendly, "since its first project, an electric dam project in Cameroon in 1976 for $7 million."
"Under the Special Project for the Development of Africa which the IDB Group implemented in its African member countries from 2002-2012, an investment of $12 billion was made, of which $5 billion came from the IDB Group," Ali said.
Ali said that despite all investment made on the continent, it still faces a number of challenges particularly in Sub-Saharan Africa where GDP per capita income remains low and there is a huge gap in infrastructure.
"Other challenges facing the continent include the health sector, particularly with the recent challenges of Ebola as well security concerns in a number of countries,” Ali added.
Ali added that the IDB is ready to contribute its quota in addressing the challenges facing the continent, especially for sustainable development goals.
According to IDB’s website, the bank aims to contribute to the social and economic development of member countries and Muslim communities individually in line with the principles of Islam.
The bank has provided finance worth more than $104 billion to member countries in 40 years.
