Nigeria: IsDB Invests U.S.$50 Million in Sukuk

15 April 2019

The Islamic Development Bank (IsDB) has announced that it has invested US$50 million in private Sukuk issuance by the International Finance Facility for Immunisation (IFFIm). This is the second participation of IsDB in a sukuk issuance by IFFIm after a similar effort in 2015.

In December 2018, following the announcement made during Gavi (The Global Vaccine Alliance) at their mid-term review held in Abu Dhabi, the IsDB made a successful completion of its participation in a private placement Sukuk issuance by IFFIm to accelerate funding for immunisation efforts in 33 Organisation of Islamic Cooperation (OIC) member states.

"Gavi's record of delivery in saving lives through immunisation is a perfect fit with the IsDB's priority to deliver impactful public health investments," IsDB President, Dr. Bandar Hajjar said.

He added: "By working in collaborative partnerships such as this, we can accelerate progress towards the UN Sustainable Development Goals. That's why we are very pleased to support IFFIm's sukuk and extend our relationship with Gavi."

Hajjar's President's 5-Year Programme (P5P) put partnerships, with development institutions like Gavi, at the centre of the Bank's priorities.

Since its inception in 2000 to the end 2017, the Vaccine Alliance has helped to immunise more than 288 million people in 33 Organisation of Islamic Cooperation (OIC) member states. The Islamic Development Bank (IsDB) is a multilateral development bank that has been working for over 40 years to improve the lives of the communities it serves by delivering impact at scale.

It brings together 57-member countries across four continents, touching the lives of 1 in 5 of the world's population. It is one of the world's largest multilateral development banks, with an annual volume of operations above $10 billion and subscribed capital of $33 billion.

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