Islamic Development Bank has approved multiple projects worth $403 million
In an effort to boost the infrastructure of its member countries such as Egypt, Kyrgyzstan, and Tajikistan, the Islamic Development Bank (IsDB) has approved projects worth $403 million. The most recent approval given by IsDB was the $344.5 million financing for Phase 1 of the Electric Express train Project in Egypt, at its 250th board meeting held on April 1 in the city of Jeddah.
The project constitutes the development of a 660 km sustainable, climate-resilient, green electric express railway system that would provide access to safe, accessible, and affordable transport systems for all. It is also expected to aid 25 million people annually and reduce Green House Gas (GHG) emissions by approximately 250,000 tons of CO2 annually.
Dr. Muhammad Al Jasser, IsDB President and Group Chairman, chaired the meeting and authorized the funds for the projects that supported socioeconomic development and promoted sustainability in member countries, especially in key sectors like education, energy, and transport.
Remarking on the projects, Dr. Al Jasser said that these projects will have a significant impact on improving education, transportation, and energy, as well as promoting regional economic integration and addressing emergency situations. He also expressed IsDB’s commitment to supporting its member countries in their pursuit of prosperity and resilience, especially during these challenging times.
The Central Asia South Asia Transmission and Trade Project (CASA -1000) in the Republic of Kyrgyzstan received additional financing of $13 million from the board. The project originally received a $50 million approval from the bank.
The aim of the project is to meet the electricity demand in Afghanistan and Pakistan by establishing cross-border energy exchange among four IsDb member countries as part of the Bank’s regional economic integration strategy.
According to a statement from IsDB, once operational, the project will make use of Kyrgyzstan and Tajikistan’s efficient and environmentally friendly indigenous hydropower resources, creating conditions for sustainable electricity trade between Central Asia and South Asia.
The third project that was approved is a partnership between the Islamic Development Bank, Islamic Solidarity Fund for Development (ISFD), Global Partnership for Education (GPE), and Opec Fund for International Development (OFID) – the IsDB/ISFD/GPE/OFID Project for Support to Implementation of the National Education Development Strategy of Tajikistan (Phase II). It has a contribution of $35 million from IsDB and $10 million from ISFD.
The aim of the project is to improve the learning environment and facilitate system strengthening for the country’s sustainable implementation of an inclusive, competency-based education system.
The Islamic Development Bank’s Board also reviewed the progress report of the IsDB Group Food Security Response Program, which is aimed at supporting member countries in better averting the ongoing food crisis and strengthening their resilience to future food security shocks. There was also deliberation among the Board member on an emergency grant fund from the IsDB to provide Syria and Turkey with support in the aftermath of devastating earthquakes that shook both countries.
About Islamic Development Bank
The Islamic Development Bank is a multilateral development bank working to promote social and economic development in member countries and Muslim communities worldwide, delivering impact at scale. The bank fosters innovative and sustainable solutions to the world’s greatest development challenges while working towards the UN Sustainable Development Goals.
