Saudi Arabia: Tinubu meets IDB management, strikes multi-billion Dollar funding package for infrastructure

President Bola Tinubu advanced negotiations on Monday night in Mecca, Saudi Arabia, for a multi-billion dollar infrastructure finance facility from the Islamic Development Bank to fund a multi-sectoral portfolio of infrastructure projects in Nigeria at the federal and sub-national levels.

This development was the result of meaningful investment negotiations between President Tinubu and Dr. Mansur Muhtar, Vice-President (Country Programs) of the Islamic Development Bank, following the President’s return from evening prayers.

“The Islamic Development Bank President announced the provision of $50 billion U.S. Dollars of new investment for the African continent from the Arab Coordination Group (ACG). This was announced at the Saudi-Arab-African Economic Summit. As the largest market and the largest economy in Africa, Nigeria will certainly receive a significant share. We look forward to supporting Nigeria’s economic transformation,” the Islamic Development Bank Vice-President said.