Islamic Development Bank News
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Nigeria approved a debt-management plan that will allow it to reduce short-term domestic borrowing in favor of cheaper, longer-term foreign loans, Minister of State for Finance Yerima Ngama said.
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Nawaz Sharif, whose party gained most seats in Pakistan’s May 11 election and is set to form the next government, plans to name Mohammad Ishaq Dar as finance minister, ahead of a national budget in June.
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Nigeria’s National Economic Council approved a $9 billion loan from lenders including the Export- Import Bank of China, the Islamic Development Bank and the African Development Bank.
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The Saudi Arabian-based Islamic Development Bank plans to start a $500 million fund to provide financing for developers of affordable houses in Muslim countries, an executive at the bank said in an interview.
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The Bill & Melinda Gates Foundation signed an agreement with the Islamic Development Bank for a program to fight contagious diseases and provide food security in several countries, the Saudi Press Agency reported.
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Islamic Corp. for the Development of the Private Sector, the investment arm of the Saudi Arabia-based Islamic Development Bank, started a fund to finance renewable- energy projects in Central Asia and plans another in Africa.
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The Islamic Development Bank loaned Djibouti $8.5 million to help build a residential and commercial center in Djibouti City, the capital.
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The following borrowers are expected to sell Islamic bonds, which use asset returns to pay investors to comply with the religion’s ban on interest.
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The following borrowers are expected to sell Islamic bonds, which use asset returns to pay investors to comply with the religion’s ban on interest.
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Islamic Development Bank, a Jeddah- based multilateral lender, will open a regional office for one of its units in Dubai, the United Arab Emirates’ Finance Ministry said.
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