Islamic Development Bank Earmarks $2.12b to Member Countries for Developmental Projects

Islamic Development Bank Earmarks $2.12b to Member Countries for Developmental Projects

The management of the Islamic Development Bank (IsDB), has approved US$ 2.12 billion to finance new development projects in member countries.

The approval was made at the353rd board meeting, which was chaired by IsDB President and Group Chairman, H.E. Dr. Muhammad Al Jasser.

The 16 projects are meant to support socio-economic development and promote sustainability in member countries in key strategic sectors such as transport, energy, health and education, in addition to youth development/entrepreneurship-employment.

The President highlighted the significance of the approved projects, and their transformative impacts on improving transportation, health, education, and energy, as well as fostering regional economic integration.

Dr. Al Jasser told the Board members that IsDB is working to deepen the Sukuk (Islamic bonds) market to enable the Bank to finance more projects, be they green, sustainability, or ordinary Sukuk.

PRNigeria reports that top among the approvals is IsDB’s EUR 803.3 million (US$ 845.57 million) financing to Indonesia to contribute to “Strengthening Indonesia’s Health Care Referral Network Project”. The objective of the project is to enhance the physical and service capacity of the health referral system in Indonesia, ensuring that everyone has equal access to quality healthcare services in all districts, cities, and provinces.

The IsDB Board also approved financing of EUR 187.84 million (US$ 204.00 million) to Morocco for the “Construction of Guercif-Nador Highway Project” in the Kingdom of Morocco.

The project aims to contribute to improving the connectivity of the Oriental region and the Nador West Med port complex by completing the construction 104 km of highway including 17 bridges and 53 flyovers by 2029.

Also, among the key approved projects are IsDB’s financing contribution of EUR 136.86 million (US$ 144.00 million) to Burkina Faso and US$ 106 Million to Uganda to improve the living environment of the populations and support the transport sector in the two beneficiary countries.

Other development projects approved by the board included  EUR 55 million (US$ 58.0 million) to the Republic of Mali to help enhancing the country’s electricity transmission grid via modernization and expanding of the high voltage transmission infrastructure; Euro 64.30 million (US$ 70.0 million) for the Republic of Chad and EUR 25.24 million (US$ 27.13 million) to the Republic of Togo to support the higher education sector in these two African member countries and US$ 16.90 million in slums Upgrading and Integrated Urban Development Project in Bouloas, Djibouti to improve the livelihoods of people living in slum areas through developing basic economic infrastructure.

Others are: US$ 79 million to improve access to affordable, resilient, and energy-efficient housing for the underserved population, as well as to support the Shariah mortgage development in the Kyrgyz Republic; US$ 40.00 million to contribute towards supporting sustainable and green economic transformation of the Maldivian economy through improved access to Islamic finance while embracing social and environmental responsibilities; US$ 200 million to deliver beneficiary‐driven, multi‐hazard resilient, reconstruction of core housing units to the populace affected by the 2022 floods in Sindh province in Pakistan and US$27 million to improve the quality of life of the people living along the project road as well as contribute to the development of the international transit traffic potential of Tajikistan.

The IsDB Board also approved US$ 300 million in financing for two projects for Türkiye earthquake-affected areas:

By PRNigeria