Minister of Finance Advocates Smarter Investment at Islamic Development Bank Governor’s Retreat

By Oluwakemi Kindness

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun has advocate for Bold Reforms and Smarter Investments at the Islamic Development Bank (IsDB) Governors’ Retreat holding in the City of Al-Madinah, Saudi Arabia.

The retreat aims to gather input and build consensus on the bank’s upcoming 10-year strategy to achieve greater developmental impact.

The Minister emphasize the need for the IsDB to rethink its approach to development financing in response to current economic realities.

According a statement on Monday by the Director,.Information ministry of Finance, Mohammed Manga, Edun calls for transformative, high-impact projects in infrastructure, agriculture, rail, and energy, urging the bank to focus on investments with strong returns to ensure sustainable financing.

Edun also highlight the importance of innovative funding solutions tailored towards national priorities and debt dynamics, stressing the urgent need for a concessional financing strategy that balances development goals with minimal debt accumulation.

Responding to the bank’s call for input, Edun also stress the need for robust monitoring systems to evaluate the real impact of the bank’s initiatives. His remarks reflected Nigeria’s commitment to strengthening the IsDB’s role in delivering greater results for its member states.

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