IsDB, EBID partner on projects

The President of Islamic Development Bank (IsDB), Dr. Bandar Hajjar has called for strong partnership and implementation of joint projects with Ecowas Bank for Investment and Development (EBID). The President made the call during a discussion with the President of EBID, Mr. Bashir Mamman Ifo on the sidelines of the 42nd Annual Meeting of IsDB Group in Jeddah, KSA.

Dr. Bandar Hajjar stated that collaboration between development institutions is crucial because no financial institution can address development challenges alone.

“We can work together by establishing joint technical groups to identify areas of collaboration and come up with an implementation plan. We share a lot of member countries, so it is in our interest to work together. By working together we can save cost and increase development impact.” Dr. Hajjar added.

In his remarks, Mr. Bashir Mamman Ifo stated that EBID is a major development Bank in West Africa, which is a large market. He called on IsDB to invest in EBID because of the opportunity it offers.

“We are a development bank working in an area with a population of over 300 million people. It is a huge market. We would like to seek the support of IsDB in capacity building, and technical assistance in areas like Islamic finance. Already we are engaged in discussion with the private sector arm of IsDB, the Islamic Cooperation for the Development of the Private Sector (ICD). We stand to benefit by working together.” Mr. Bashir Ifo concluded.