Islamic Development Bank injects $2.12bn for projects in member countries

The Islamic Development Bank (IsDB) Group, on Monday, approved a $2.12 billion financing for new projects that support socio-economic development and promote sustainability of member countries, Anadolu Agency reports.

Some 16 projects in sectors such as transport, energy, health and education, besides youth development/entrepreneurship-employment, were approved during the Board meeting, an IsDB Group statement said.

Top among the approvals is IsDB’s €803.3 million ($845.6 million) financing to help Indonesia enhance the physical and service capacity of the health referral system, ensuring everyone has equal access to quality health care services in all districts, cities and provinces.

The Board will provide €187.84 million ($202 million) to Morocco for the “Construction of Guercif-Nador Highway Project” which aims to improve the connectivity of the Oriental region and the Nador West Med port complex by completing the construction of 104 km of highway, including 17 bridges and 53 flyovers by 2029.

A €136.86 million ($147 million) to Burkina Faso and $106 million to Uganda are approved to improve the living environment of the populations and support the transport sector in the two countries.

The IsDB Group will loan Turkiye $100 million to support recovery efforts of earthquake-hit industrial companies.

Pakistan will receive $200 million IsDB Group financing to deliver reconstruction of core housing units to the populace affected by the 2022 floods in Sindh province.

The Board will provide €55 million ($59 million) to Mali to help enhance its electricity transmission grid, €64.30 million ($69 million) to Chad and €25.24 million ($27 million) to Togo to back their higher education sector, $16.90 million to Djibouti for the livelihoods of people living in slum areas, $79 million to Kyrgyz Republic for affordable, resilient and energy-efficient housing for the underserved population, $40 million to Maldives to support sustainable and green economic transformation of the Maldivian economy and $27 million to Tajikistan.

Last week, the IsDB Group and the Development Investment Bank of Turkiye (TKYB) signed a $200 million financing agreement to support the country’s post-earthquake recovery efforts and revitalisation of the agri-food sector in the most affected provinces.

Two powerful earthquakes hit 11 provinces in southern Turkiye on 6 February, causing extensive damage and killing and injuring tens of thousands of people.

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