Sambo Wants 40% Of Islamic Bank Budget For Africa’s Devt

Vice-President Namadi Sambo on Monday in Khartoum urged the Islamic Development Bank (IDB) to assist in developing Africa.

He challenged the bank to set aside 40 per cent of its operational budget for the implementation of the second phase of its Special Program for the Development of Africa (SPDA-II).

Sambo gave the charge in a paper entitled: “African Development Experience – What successful experiences to replicate and scale up’’, which he presented at a special meeting of African Governors Forum organised by the IDB Group.

He noted that task of the Forum was to evaluate the implementation of the IDB’s Special Programme for the Development of Africa (SPDA) and conceptualise and formulate a successor programme that would build on the successes of SPDA-I.

He enjoined the IDB to expand its reach in Africa by making its private sector entities more familiar with and responsive to African private sector needs.

“I strongly suggest that this Forum should demand that IDB Group dedicates at least 40 per centof its operational budget for the special intervention under the SPDA-II, while intensifying the programme’s advocacy towards achievement of the leverage target.

“The Bank should step up its policy advisory services through policy relevant analytical study in each member country.’’

According to him, after 36 years in the development field and guided by Islamic principles, the IDB Group has garnered tremendous experience and expertise it can share with member countries.

Sambo noted that the theme of the forum indicated that the economic situation of Sub-Sahara Africa was getting the right attention in the development agenda of the bank.

He commended the bank for some notable achievements on a number of frontiers.

“Firstly, its increasing support to Africa, especially the Special Program for the Development of Africa and its predecessor program; the `IDB Cooperation Framework with Africa’, which was implemented between 2003 and 2007, which is outstanding.

“Secondly, IDB’s adherence to ethical business practice has enabled it to maintain a healthy and strong financial position.

“The bank has not only succeeded in proving its viability, but also achieved an `AAA’ rating in the last 10 years by the major rating agencies at a time when a number of famous financial institutions have been downgraded.’’

The vice-president saluted the bank’s recent commitment to opening five Country Gateway Offices in member countries with two in Africa (Nigeria and Egypt) by the end of the year.

“Increasing IDB’s field presence in Africa would no doubt engender an expansion of the bank’s support to the programmes in target member countries.’’

In his remarks, the President of the IDB, Dr Muhammed Ali, said the bank earmarked four billion dollars over the five-year period of 2008 to 2012 to finance the SPDA, with an additional eight billion dollars to be leveraged from other development partners.

He announced that the bank had set aside eight billion dollars for the successful implementation of the SPDA-II and pledged that IDB would continue to assist and support its member countries in Africa in the realisation of their developmental objectives. (NAN)