Islamic Development Bank approves $1.365bn financing in 12 countries

The Jeddah-based Islamic Development Bank (IsDB), a multilateral development bank funding social, infrastructure and economic development in its 57 member countries and Muslim communities worldwide, has approved new funding of approximately US$1.365 billion for projects in 12 member countries.

Funding of as many as 14 financing operations was approved at the 363rd session of the Board of Executive Directors meeting in Jeddah, chaired by President Muhammad Al Jasser.

In a statement, the Islamic Development Bank said: “These fundings are to support development projects, including renewable energy, cross-border power networks, major transport corridors, water and agricultural security, and education and health services.

“These initiatives aim to enhance economic resilience, improve access to essential services, and advance progress toward achieving the Sustainable Development Goals (SDGs).”

Among the projects selected for funding by the Islamic Development Bank are…

• EUR306.89 million (US$360 million) for The Godomey-Ouidah-Hillacondji road capacity expansion and upgrading project in Benin
• EUR200 million (US$234.7 million) to Côte d’Ivoire to upgrade the Tafiré-Ferkessédougou section of the A3 highway, boosting trade and mobility between the central and northern regions and landlocked neighbouring countries
• EUR188.82 million (US$221.5 million) in Morocco for the Mitigating Water Stress Project. This includes the construction of dams and related works to secure water supplies and transfer surplus water from northern basins to the more water-stressed southern regions.
• US$180.72 million for upgrading the King Faisal Highway in Bahrain’s Manama, aimed at reducing traffic congestion and improving urban transport flow.
• US$110 million to Uzbekistan for photovoltaic solar and battery storage projects at the Samarkand I and Samarkand II facilities
• EUR61.41 million (US$72 million) to Mauritania to establish a 440-bed Referral Hospital for maternal, neonatal and child health in Nouakchott
• EUR55.19 million (US$65 million) for Mauritania to connect its power networks to Mali and support related solar power plants
• EUR36.66 million (US$43 million) to Cameroon for the Sustainable Irrigation and Agricultural Value Chain Development Project, which supports climate-resilient irrigation and enhances rural infrastructure
• EUR25.93 million (US$30.4 million) in Sierra Leone, for the Freetown WASH and Aquatic Environment Revamping Project to improve water and sanitation services in Greater Freetown
• Another EUR18.23 million (US$21.4 million) for a project in Morocco to develop the value chain for inland aquaculture
• US$13.95 million to Tajikistan to finance the Tourism Business Education Development Project
• US$13.5 million to construct the Bqerqasha Diversion and upgrade the Bqerqasha–Bcharre road in Lebanon
• US$11.25 million to the Rural Employment and Agricultural Growth Programme (HOPE) in Jordan, to support rural jobs and agricultural productivity, with a focus on women and youth
• US$10 million to Pakistan to support the Out-of-School Children Project