Guinea-Bissau, Mozambique among recipients of credit from Islamic Development Bank

29 May 2007

Dakar, Senegal, 29 May – Guinea-Bissau and Mozambique are among 10 African states that will benefit from total US$ 413 million credit from the Islamic Development Bank (IDB).

The launching of the IDB’s Solidarity Fund was announced Monday by the bank’s vice-chairman for development support, Boubacar Cissé, during a board meeting of the institution in the Senegalese capital, Dakar.

Besides the two Lusophone states, the other African countries to benefit from the IDB’s credit package are Benin, Djibouti, Egypt, Senegal, Mali, Guinea-Conakry, the Gambia and Sierra Leone.

The IDB’s board meeting in Dakar preceded the bank’s 32nd annual meeting of governors scheduled for Tuesday and Wednesday.

Created in 1973, the IDB has 56 member states in Africa, Asia and Latin America and its main shareholders are Saudi Arabia (23 percent) and Kuwait (11 percent). (macauhub)