IslamicFinance.de

The Islamic Development Bank (IDB) Group and the Republic of Chad have signed an agreement worth 3.14 million US Dollars to support a dual Arabic-French education development project in the first level of secondary education. The project will be financed through a loan from the IDB and the Islamic Solidarity Fund for Development affiliated to the IDB. The agreement was signed by the Chairman of the Islamic Development Bank, IDB, Group, Dr. Ahmad Mohamed Ali, and Mariam Mohamed, Minister of Economy, Planning and International Cooperation and Governor the Islamic Development Bank branch in Chad. The meeting discussed relations with the IDB Group and ways of boosting them and the features of the programme of the strategic partnership between the two sides, which will be launched soon.

The Islamic Development Bank (IDB) and its poverty reduction arm, the Islamic Solidarity Fund for Development (ISFD), have now extended more than $100 million in financing to help eight African nations combat extreme poverty, improve public health and achieve more sustainable development. In each of these projects, host governments will partner with the IsDB, the Earth Institute and Millennium Promise to carry out the projects. The combined $104 million will finance three major programs: The ISFD’s new flagship Sustainable Villages Program (SVP) in Chad, Mozambique, and Sudan ($40 million), Scale-ups of the Millennium Villages Project in Mali, Senegal and Uganda ($29 million), Implementation of the Drylands Initiative in Djibouti, Somalia and Uganda ($35 million). The $104 million will be provided in the form of Islamic finance to the recipient countries, except in the case of a grant provided to Somalia. All of these countries are members of the bank.

The Islamic Development Bank (IsDB) is to provide $104m (£67.3m) in loans to African governments to fund an expansion of Millennium Villages, the controversial project led by Jeffrey Sachs, director of Columbia University's Earth Institute. About $40m of the money will go towards a flagship sustainable villages programme (SVP) in Chad, Mozambique, and Sudan. In addition, $29m will support the extension of existing Millennium Village projects (MVPs) in Mali, Senegal and Uganda, while $35m will be used for a drylands initiative in Djibouti, Somalia and Uganda. Governments will team up with the IsDB, the Earth Institute, and its partner, Millennium Promise, to carry out the projects. The Millennium Village project covers more than 500,000 people in 14 areas of 10 countries in different environments across Africa. Each site was considered a "hunger hot-spot" at the time the project began in 2006. The concept works on the principle of interventions across several key areas – health, education, enterprise and agriculture – over a 10-year period.

The Islamic Corporation for the Development of the Private Sector ( ICD ) and Chad's Ministry of Finance and Budget have signed a partnership agreement aiming at the creation of a local leasing company (ijara) and a local Islamic bank compliant to the principles of Islamic finance. The two future entities -- leasing company and Islamic bank -- will provide Shariah-compliant financial services and products with a special focus on the SME sector. Through this agreement, ICD will contribute to promote the development of Islamic finance and support SMEs. Minister of Finance and Budget of Chad Atteib Doutoum thanked the ICD and reaffirmed his full support to make the private sector a key player in the economic development of the country. He then promised to provide the necessary support of his Ministry to implement the two financial institutions.