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Islamic Development Bank Pledges to Provide N 310 Billion for Jonathan’s Transformation Agenda

By on April 3, 2012

The Islamic Development Bank (IDB) has pledged N 310 billion ($ 2 billion) in order to support President Jonathan’s transformation agenda. The funding will be provided between 2012 and 2014.

Vice President, Sambo disclosed this during his address yesterday at the African Governor’s Forum on Special Programme for the Development of Africa in Khartoum, Sudan.

The vice-President, shedding light on President Jonathan’s transformation agenda stated that it anchored on five pillars, namely: accelerated and sustained economic growth; improvement and modernization of infrastructure; strengthening of human capital stock and enhancement of access to social services; improved governance and increased competitiveness; reinforcement of social cohesion and mainstreaming of cost-cutting issues.

He said, ““It is on record that Africa is the only region in the world that is off-track in achieving most of the targets set in the Millennium Development Goals, particularly in the areas of the mainstream inclusive growth, provision of basic services (infrastructure, water, sanitation, education and hospitals) and reversion of the spread of diseases, tackling of poverty, job creation and security.

“African countries cannot do all these things alone; they need help and assistance from development partners. The prospect of this veritable source of support is fast becoming less reliable, no thanks to the failure, so far, to comprehensively resolve the high incidence of debts and deficits in Japan, United State of America and some European Union member countries.”