Saudi- IDB to provide 1 billion financing to Cote d'Ivoire

(MENAFN- Arab News) The Jeddah-based Islamic Development Bank (IDB) confirmed Wednesday that it would provide financing worth $1 billion on the basis of an agreement to carry out various development projects in Cote d'Ivoire during the next two years.

'I am happy to say that our agreement is progressing well' said IDB President Ahmed Mohamed Ali during talks with Cote d'Ivoire President Alassane Ouattara at the bank's headquarters here Wednesday.

Ouattara who was accompanied by a number of ministers commended IDB's role in financing development projects in Cote d'Ivoire and other member countries.

'We are looking forward to greater cooperation and partnership with IDB in various fields including capability building for sukuk in order to mobilize resources for development' Ouattara said.

The president also sought IDB loans to finance the country's infrastructure projects. 'We would like to make use of IDB's expertise and contacts to attract more organizations to finance development projects in our country.'

The meeting saw the signing of a loan agreement worth $15 million to establish a vocational training center in the country. Cote d'Ivoire joined IDB in 2002 and the bank has extended more than $645 million in loans to finance its water agricultural industrial trade energy transport and educational projects.

Meanwhile the IDB and the Republic of Benin have signed two financing agreements worth $192 million for power generation and road construction in the country.

The documents were signed on Wednesday at IDB headquarters by Benin's Ambassador to the Kingdom of Demba Bah Dehiro and the IDB president.

The first agreement covers $148 million of financing as contribution to the first phase of the Maria-Gleta Power Plant Phase I Project. The 120 megawatt power generation facility is expected to address the power shortage in the country and reduce imports of electricity from Benin's neighboring states thus saving huge sums of money.

The second agreement provides $44 million financing contribution for the road connecting the town of Banikoara to the border of Burkina Faso. The 54-km road is considered as one of the important roads in the country and bears major significance for socio-economic development of not only Benin but also other West African countries including Burkina Faso Niger and Nigeria.

The Republic of Benin which joined IDB in 1984 maintains a solid cooperation with IDB. Since that date the total financings of the IDB Group for Benin reached $375 million inclusive of contributions to several development projects in the fields of agriculture education power roads health and water supply as well as to trade operations.