RIYADH, Saudi Arabia, April 27. The Islamic Development Bank (IsDB) has approved approximately US$418 million to fund new development projects in member countries, Trend reports.
The board, chaired by IsDB President H.E. Dr. Muhammad Al
Jasser, approved four
projects during its 355th meeting that focus on socio-economic
development and
sustainability.
The meeting was held in Riyadh, Kingdom of Saudi Arabia, on the first day of the 2024 IsDB Group Annual Meetings and the Golden Jubilee marking the 50th Anniversary of the Bank.
Tajikistan received US$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
commercialize it through the regional power market.
The board also approved EUR120 million for the Türkiye
Nakkas-Basaksehir Motorway
Project, a subsection of the larger North Marmara Motorway
government initiative.
The main project aims to provide an alternative Bosphorus crossing, significantly reducing traffic congestion, travel times, and greenhouse gas emissions.
The IsDB board approved EUR60.57 million for the Root and
Tuber/Regional Cassava
Value Chains Development Project in Benin.
The project aims to improve food security, economic growth, and
household income through better 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
project seeks to boost food security, economic growth, and
household incomes through improved cassava production, processing,
marketing, and private sector participation. It also aims to create
employment opportunities, particularly for women and youth, and
develop national and regional trade.
The Islamic Development Bank Group (IsDB) is holding its 2024 Annual Meetings and Golden Jubilee in Riyadh from April 27-30, under the Royal Patronage of the Custodian of Two Holy Mosques, King Salman Bin Abdulaziz Al-Saud.
The 2024 Annual Meetings are being held under the theme of “Cherishing our Past, Charting our Future: Originality, Solidarity and Prosperity”, which marks IsDB’s 50 years of fostering socio-economic development in its member countries.
Among other topics, the meetings will also feature roundtable on COP29 with participation of Azerbaijani government representatives.
As the premier South-South multilateral development Bank, the 2024 IsDB Group Annual Meetings and Golden Jubilee are expected to attract international and regional attention. The Annual Meetings will feature a series of side events with top-level panelists from government, international and regional organizations, the private sector, academia, and civil society.
Ministers of Economy, Planning, and Finance from IsDB's 57 member countries will participate in the event, along with representatives of international and regional financial institutions, Islamic banks, private sector companies, national and international development finance institutions, international and regional organizations, NGOs, chambers of commerce & Industry, and business councils.