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Tuesday, June 18, 2024

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IsDB approves projects and over US$1.12 billion in development financing for 13 countries

Around 13 countries, three of which are non-members of the IsDB, will be the recipients of project development financing and grants worth over US$1.12 billion, all approved by the multilateral bank’s board of executive directors in its 347th session held recently.

Mauritania, Uzbekistan, Djibouti, Guinea, Uganda, The Gambia, Cameroon, Indonesia and Guyana will each be receiving sovereign financing contributions from the IsDB, for projects focusing on water supply, infrastructure and the health sector.

“These projects are expected to enhance access to state-of-the-art infrastructure, facilitate access to markets for farmers and traders and reinforce regional integration and tourism for the member countries,” the IsDB said.

Separately, public–private partnership (PPP) projects were approved by the IsDB board for both Uzbekistan and Uganda, for a power plant project and a crude oil pipeline project respectively. The two countries aim to attract private sector investment and expertise through PPP financing.

Meanwhile, grants have been approved and earmarked for Yemen, and non-IsDB member countries India, Bosnia and Herzegovina, and Zambia, with the funds going to projects focused on the trade sector and education.

“These funds are primarily earmarked for the expansion of school facilities, in response to the high demand from students. The funds will also be used to enhance the provision of quality education, as well as to enhance the skills of the youth of Muslim communities through technical training aimed at improving their economic and social inclusion,” the bank said.

In addition, the board has also approved other key proposals, namely the debt restructuring of Jordan’s Queen Alia International Airport, and the modification of the mode of financing of the approved installment sale financing to commodity Murabahah for a hospital project in Nigeria’s Kaduna State.

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  • IsDB

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