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Saudi Arabia : Finance Ministers Commend IDB s Special Program for the Development of Africa

June 24, 2014

Finance Ministers from the African continent have commended the Islamic Development Bank (IDB) for its contribution to education, infrastructure and agricultural development, through the Special Program for the Development of Africa (SPDA).

The Finance ministers made the remark during a review seminar on SPDA organized on the sidelines of the 39th Annual Meeting of the Bank and the 40th Anniversary celebrations taking place in Jeddah from 24-26 June 2014.

The Finance ministers from Uganda, Burkina Faso, Mozambique, Benin and Algeria commended the effort of IDB in providing electricity, building schools and supporting energy sector in the continent. The SPDA originated from a directive by the Organization of Islamic Cooperation (OIC) after an extraordinary submit in Makkah to support the development of Africa; and in February 2008 the IDB Board of Executive Directors (BED) adopted the program.

Mr. Manuel Chang, Finance Minister of Mozambique said that the financing needs of Africa are huge and emphasized the need for more selective focusing on five key areas of critical importance.

In his statement, Mr. Marcel Alain de Souza, Minister of Economy and Finance for Benin paid tribute to the IDB s contribution to the electricity and micro finance sectors in his country.

In his welcome address, Mr. Birama Sidibe, IDB Vice President (Operations) stated that in 2008 IDB pledged US $ 4 billion for the SPDA which is added to the US $ 8 billion from member countries and other development partners, making the total amount for the SPDA to US $ 12 billion.

The expected output from the SPDA include over 500 MW of Power transmitted over 1800 KM, over 2000 KM of Asphalt Roads at national and regional level and 800 housing units as well as 548 street lights among others in the African continent. Additionally, the Program is also expected to include over 250 schools (including madrasas) and over 1400 classrooms.

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Source: TendersInfo (India)

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