THE Country Gateway Office (CGO) Islamic Development Bank (IsDB) will be formally inaugurated by the Minister of Finance Mrs. Kemi Adeosun along with the President of IsDB Dr. Ahmad Mohamed in Abuja.

A statement by Mr.  Abdullah Kiliaki, the Director of the CGO, said the ceremony will take place at the CGO premises, Central Business District (CBD), Abuja on Monday (today).

 The president of the IDB has since arrived for the event.

“One of the goals of IsDB’s 10 year strategy is to increase its operations in its member countries. The inauguration of the CGO is an important milestone in forging stronger partnership with the government and people of Nigeria,” the statement quoted the president of the IsDB Group as saying. 

The statement also said the IsDBank has approved several projects for Nigeria, such as the National Food Security Programme for Anambra, Gombe and Yobe States, as well as the Illesha Water Supply and Sanitation Project in Osun State. IsDB has also approved the Bilingual Education Programme which will benefit nine states; Adamawa, Borno, Kaduna, Kano,  Gombe, Niger, Nasarawa, Osun, Kwara and Borno States. 

Daily Trust reports that Nigeria is one of the major shareholders of the bank, having formally joined in 2005, during President Olusegun Obasanjo’s administration.

The Nigerian government paid the sum of $3.4 million to the bank as its initial membership subscription, according to then Finance Minister, Dr Ngozi Okonjo-Iweala.

The IDB is an international financial institution established in pursuance of the Declaration of Intent issued by the Conference of Finance Ministers of Muslim Countries held in Jeddah in Dhul Q’adah 1393H, corresponding to December 1973. 

The present membership of the bank consists of 56 countries.

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