Riyadh: The Islamic Development Bank (IsDB) has announced the approval of approximately $418 million to fund new development projects in member countries, as stated in a press release on Saturday.
During its 355th meeting chaired by IsDB President Dr. Muhammad Al Jasser, the board approved four projects focusing on socio-economic development and sustainability. This meeting took place today in Riyadh, Kingdom of Saudi Arabia, coinciding with the first day of the 2024 IsDB Group Annual Meetings and the Golden Jubilee marking the Bank’s 50th Anniversary.
As per the IsDB press release, Tajikistan will receive $150 million for the construction of the Rogun Hydropower Plant Project’s Lot-4 (Left Bank Structures). The project aims to provide clean, affordable, and reliable renewable electricity to meet the country’s growing domestic demand, enhance energy security, and facilitate commercialization through the regional power market.
Additionally, the IsDB board approved EUR60.57 million for the Root and Tuber/
Regional Cassava Value Chains Development Project in Benin. This project seeks to improve food security, economic growth, and household income through enhanced production, processing, marketing, and private sector involvement in the cassava, sweet potato, and yam value chains.
Similarly, Côte d’Ivoire secured EUR70.46 million in financing for its Root and Tuber/Regional Cassava Value Chains Development Project. This initiative aims to enhance food security, economic growth, and household incomes through improved cassava production, processing, marketing, and private sector engagement. It also targets the creation of employment opportunities, especially for women and youth, and the development of national and regional trade.
Furthermore, the board approved EUR120 million for the Trkiye Nakkas-Basaksehir Motorway Project, a component of the broader North Marmara Motorway government initiative. The primary objective of this project is to offer an alternative Bosphorus crossing, substantially reducing traffic
congestion, travel times, and greenhouse gas emissions.
The Islamic Development Bank Group reiterated its commitment to supporting member countries in achieving prosperity and Sustainable Development Goals while enhancing their resilience to future development challenges.
Source: Saudi Press Agency