Tagged: Senegal

Jeffrey Sachs' Millennium Villages to expand with £67m loan

Jeffrey Sachs' Millennium Villages to expand with £67m loan

<p>The Islamic Development Bank (IsDB) is to provide $104m (&pound;67.3m) in loans to African governments to fund an expansion of Millennium Villages, the controversial project led by Jeffrey Sachs, director of Columbia University's Earth Institute. About $40m of the money will go towards a flagship sustainable villages programme (SVP) in Chad, Mozambique, and Sudan. In addition, $29m will support the extension of existing Millennium Village projects (MVPs) in Mali, Senegal and Uganda, while $35m will be used for a drylands initiative in Djibouti, Somalia and Uganda. Governments will team up with the IsDB, the Earth Institute, and its partner, Millennium Promise, to carry out the projects. The Millennium Village project covers more than 500,000 people in 14 areas of 10 countries in different environments across Africa. Each site was considered a "hunger hot-spot" at the time the project began in 2006. The concept works on the principle of interventions across several key areas &ndash; health, education, enterprise and agriculture &ndash; over a 10-year period.</p>
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<p><a href="http://www.theguardian.com/global-development/2013/aug/13/millennium-villages-project-islamic-development-bank" title="http://www.theguardian.com/global-development/2013/aug/13/millennium-villages-project-islamic-development-bank">http://www.theguardian.com/global-development/2013/aug/13/millennium-vil…</a></p>
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Islamic banking in Africa

Islamic banking in Africa

KFH Research made a report about the future of Islamic finance in Africa that shows that there are various promising opportunities for the growth and development of Islamic banking in Africa; especially North African countries, in addition to Kenya, Ni…

Africa looks to Islamic finance

Africa looks to Islamic finance

Africa is mooving its economic attention away from the west to the Middle East and Asia as a primary source of capital raising. This shift in alignment partially explains the expected launch of a number of Sukuk across the continent in 2012.
Countries …

Africa looks to Islamic finance

Africa looks to Islamic finance

Africa has begun to move its economic attention away from the west to the Middle East and Asia as a primary source of capital raising. This shift in alignment partially explains the forthcoming launch of a number of Sukuk across the continent in 2012.

Africa offers Sukuk a boon

Africa offers Sukuk a boon

Changes are planned in the financial regulations of Senegal, Kenya, Nigeria and South Africa. These will permit a launch of Sukuk and are allocated to deliver a rebound in the international Sukuk market, a market that has been declining since 2008.
The…

Senegal, latest to tap in Islamic finance

Senegal, latest to tap in Islamic finance

Senegal is the latest African nation looking to tap the growing Islamic finance market by issuing its first sovereign Islamic bond in 2011.
94% of the population are Muslims, therefor is the potential for Islamic banking strong within the West African …

IDB to double Sukuk issues to $3.5 billion

IDB to double Sukuk issues to $3.5 billion

IDb will more than double the size of bonds, or Sukuk, issued under an ongoing program to $3.5 billion to help meet financing needs mainly from flood-ravaged Pakistan.
In 2009, the Saudi-based triple-A lender issued an $850 million Sukuk which was the …

Pak, Afghanistan pushing Islamic banking for growth

Pak, Afghanistan pushing Islamic banking for growth

Islamabad —Pakistan, Afghanistan and Senegal, among the world’s 50 poorest nations, are turning to Islamic banking to spur economic growth by encouraging people to take out loans and open savings accounts. Outstanding domestic bank lending accounte…