Sidi Mohamned Ould Taleb

Islamic loans for African energy projects

The Islamic Development Bank has launched a programme to loan $180 million to six African countries for the purpose of renewable energy projects. Islamic finance is growing in Africa and mainly used by governments that want to develop infrastructure projects on a large scale. Saudi Arabia-based IDB promotes economic development in 56 countries through Shariah-compliant loans and grants. Just about half of the bank's member countries are in Africa. The continent is home to hundreds of millions of Muslims.

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