The Islamic Development Bank has sanctioned new financing of $2.41 billion in a host of transformative projects under its 364th Executive Board meeting, presided over by IsDB President Mohammed Al-Jasser.
The approvals highlight the fact that the bank continues to pursue regional cooperation, economic growth, and climate and environment-friendly investments that are geared towards supporting the UN Sustainable Development Goals throughout the member countries.
The new funding also involves an increment of an extra 40 million dollars on the Central Asia South Asia Electricity Transmission and Trade Project (CASA-1000) in Tajikistan, which will enhance regional energy trade, enhance access to electricity and reliability, and reduce climate change by exporting clean and renewable energy.
The bank granted €116 million ($135 million) to upgrade Senegal’s Dakar Expressway Project. The project aims to enhance health, education, and economic services to local people, decrease traffic congestion and peak travel hours, and increase road safety to cut traffic fatalities and injuries by half, especially targeting women and young pedestrians.
The Economic and Industrial Zones Project in Kazakhstan received a green light in terms of budgetary allocation amounting to $1.307 billion to enhance sustainable industrial growth in the country.
The project is likely to lead to diversification of the economy, investment inflow, employment, and competition in the global market by improving infrastructures and operational efficiency of the special economic zones, industrial zones, and specialized industrial zones.
Bahrain will receive $330.07 million to increase its industrial capacity and economic competitiveness. The funding will be used towards the development of new industrial land with strong infrastructure, sophisticated export-based production, efficient internal connectivity, and reclaimed land infrastructure.
The project is expected to result in spurring private investment, creating jobs, and strengthening Bahrain’s role as a regional industrial and logistics center. The IsDB authorizes $160 million to enhance utilities, water, and urban development sectors in Jordan.
The financing will guarantee the future drinking supply of Aqaba, Amman, and the north, contribute to adaptation and mitigation of climatic conditions, encourage economic development, and encourage the involvement of the private sector in long-term and sustainable supply of water solutions to alleviate extreme water crises.
Azerbaijan received funding amounting to $436.67 million to enhance the productivity of agriculture in the country, reducing irrigation water wastage and sustainable rural development in accordance with Azerbaijan’s Vision 2030.
The project will also support green growth, enhance climate resilience, and secure long-term food security. The approved projects demonstrate the strategic interest of the IsDB in promoting sustainable and inclusive growth in member countries through solving the key infrastructure development, energy, water, transport, and industrial classification issues.
Thus, these efforts will provide a long-term effect and will play a positive role in the realization of the Sustainable Development Goals.
