amoy
Senior Member
- Joined
- Jan 17, 2010
- Messages
- 5,982
- Likes
- 1,849
Islamic Development Bank, AIIB to co-finance projects in Africa
IDB president Bandar Hajjar announced the planned partnership between the Islamic world’s largest development bank and the Chinese-led multilateral lender in an interview with the Financial Times (paywall) on Wednesday.
“We will partner with the AIIB,” Hajjar said. “We will co-finance many projects in the future in Africa. Africa needs […] about US$150bn a year to finance infrastructure and there are about 650 million people in Africa without access to electricity.”
The partnership is expected to create a new force in development finance for many developing countries, according to the Financial Times.
Founded in 1973 and based in Jeddah, Saudi-Arabia, the IDB has US$150bn in capital and 57 member countries, many of which overlap with the AIIB’s 84 member states.
IDB president Bandar Hajjar announced the planned partnership between the Islamic world’s largest development bank and the Chinese-led multilateral lender in an interview with the Financial Times (paywall) on Wednesday.
“We will partner with the AIIB,” Hajjar said. “We will co-finance many projects in the future in Africa. Africa needs […] about US$150bn a year to finance infrastructure and there are about 650 million people in Africa without access to electricity.”
The partnership is expected to create a new force in development finance for many developing countries, according to the Financial Times.
Founded in 1973 and based in Jeddah, Saudi-Arabia, the IDB has US$150bn in capital and 57 member countries, many of which overlap with the AIIB’s 84 member states.
