The Islamic Development Bank’s (IsDB) Board of Executive Directors, approved a total of US$ 1.12 billion for development projects financing in several sectors in 9 member countries as well as US$ 1.79 million grant for a number of other projects as well as market access readiness in the Republic of Yemen and special assistance grants to Muslim communities during its 347th session held in 3 non-member countries, at the Islamic Development Bank’s headquarters in Jeddah, Kingdom of Saudi Arabia (KSA).
Chairman of Islamic Development Bank (IsDB) Group, H.E. Dr. Muhammad Al Jasser, the Honorable members of the Board of Executive Directors well thought-out and approved projects in the key sectors such as, health, transport, urban development, education, food security, energy, water and sanitation.
They also considered on the prevailing financing breaks in key energy infrastructure requirements in some of the member countries and consequently accepted two projects under the Public Private Partnership (PPP) mode for the Republic of Uganda and the Republic of Uzbekistan. To attract private sector investment and expertise the regimes in these nations are using PPP financing as a tool to fast-track economic development and to deliver enhanced public services.
Surkhandarya Combined Cycle Power Plant Project with EUR 100 million for the Republic of Uzbekistan is anticipated to meet the mounting demand for the country’s energy consumption and substitute the mellow and ineffective fleet of gas-fired thermal power plants. In the Republic of Uganda, the financing of US$ 100 million, part of the Islamic proportion, would enable the country to untap its oil reserves and export oil to international markets over a 1443 kilometers cross-border buried-heated crude oil pipeline.
The Islamic Development Bank approved a total of US$ 601.7 million, as sovereign financing, in transport projects in Guyana – US$ 200 million, Uganda – US$ 295 million and Uzbekistan – US$ 106.7 million, accustomed of the importance of sustainable and well-organized transport systems in enhancing socio-economic development. These projects are projected to develop access to advanced infrastructure to ease access to markets for farmers and traders, and strengthen regional integration and tourism for the member countries.
The EUR 205 million in the health sector, sovereign financing was approved for the solidification of the National Referral Hospital on Oncology Center for the Republic of Indonesia. The project aims to expand the availability, convenience, excellence, and delivery of oncology services for children and adults by streamlining six national referral hospitals in the country,
The Board approved further significant proposals, viz. the debt restructuring of Queen Alia International Airport (QAIA) in the Hashemite Kingdom of Jordan, and the approved installment sale financing to commodity Murabaha for the 300-bed hospital project in Kaduna State, Nigeria.
For enabling market access readiness in crucial economic trade sectors in the Republic of Yemen, the Board approved US$ 1 million in grants. This program would advance market access by embarking upon prevailing breaks in the selected trade sectors specifically Honey, Onion, and Coffee.
To support educational infrastructural requirements of Muslim communities in few non-member countries, a grant package of US$785,000 was approved for projects in Zambia, Bosnia and India. The funds would be utilized to enhance the provision of excellent education, as well as to enhance the skills of the youth of Muslim communities through technical training aimed at refining their economic and social inclusion.
The list of projects and proposals approved by the Islamic development bank Board is provided below:
Sovereign Financing Projects:
- The Islamic Republic of Mauritania
The project ambition is to increase access to improved water services in selected rural areas and small towns.
- The Republic of Uzbekistan
The project ambition is to improve the efficiency of the road transport infrastructure and ensure the safe movement of goods and people along the project road section.
- The Republic of Djibouti
The project ambition is to contribute to the National Zero Slum Program and Housing Strategies
- The Republic of Guinea
The projected venture aims to expand the reliability of the network, financial and technical performance of the electricity company EDG by increasing the grid efficiency
- The Republic of Uganda
The project aims to increase the socio-economic development of Uganda by providing healthier access to social infrastructure, facilitating access to markets for farmers and traders, and reinforcing regional integration and tourism.
- The Republic of The Gambia
The project intents to enable reaching the general goal fixed in the initial project (Phase I) which is to contribute toward the advancemnt of Gambia’s groundnut sector, by providing groundnut processing and waste management structures.
- The Republic of Cameroon
The project aims to support the Government of Cameroon in reconstructing and rehabilitating essential infrastructure, revitalizing the local economy and strengthening social cohesion in the North-West and South-West regions.
- The Republic of Indonesia
The project aims to contribute to the reduction of the high rates of morbidity and mortality from cancer through the strengthening of the Oncology services of six national referral hospitals.
- The Republic of Guyana
The project aims to improve the road capacity and serviceability.
Grants:
- The Republic of Yemen
This program would improve market access by tackling existing gaps in the selected trade sectors namely Onion, Honey, and Coffee.
- The Republic of India
For expansion of Vocational Training Center for Hamidiya Islamiya School Society, Panwari, in the state of Uttar Pradesh, which aims at enhancing job prospects through the provision of technical Education for the youth of the Muslim Communities in Mahoba District in order to improve their economic and social situation.
- The Republic of Bosnia & Herzegovina
This grant proposal aims at refining access to excellent education facilities and increasing school capacity enrollment for 40 students per annum.
- The Republic of Zambia
This grant proposal aims at improving access to quality science and technology through the provision of Information, Communication, and Technology (ICT) and science laboratory equipment in the infrastructure and equipment enhancement project for Iqra Girls’ Academy.