The IsDB has approved US$800 million in sustainable project financing across its member countries (MCs) during its 352nd meeting in Jeddah, Saudi Arabia.
According to the developmental bank, the projects will contribute to developing the energy, education, health and transportation sectors of its MCs.
The projects are expected to especially impact those in vulnerable communities in an accelerated drive to achieve SDG targets.
The IsDB allocated the largest portion of financing to the transportation sector, with the Ivory Coast and Senegal receiving EUR182.26 million (US$194.99 million) and EUR40.25 million (US$43.06 million) respectively in financing to develop the sector in the countries.
Among the larger financings approved is a US$200 million facility for Bahrain alongside a similar facility worth EUR61.9 million (US$66.22 million) for Nigeria. The facilities are also expected to promote innovation in the energy and information technology sectors in the respective countries.
Togo, a relatively small West African nation, received EUR128.17 million (US$137.12 million) in funding to strengthen its environmental structures.
The IsDB also approved two facilities, worth US$40 million and EUR48.05 million (US$51.41 million) each, for the water sanitation and health sectors in Guinea. Guinea was notably the only country where the IsDB approved financing for more than one project.
As part of the package, the developmental bank has made a US$1.5 million provision to support emergency intervention for conflict alleviation in Sudan.
“The IsDB and ISFD [Islamic Solidarity Fund for Development] contributions will deliver a multi-sectoral emergency response and provide life-saving support to approximately 125,000 people affected by the sudden outbreak of conflict in Sudan,” Dr Muhammad Al Jasser, the president of the IsDB and chairman of the bank’s board of directors, explained.
Also in a joint effort between the IsDB and its poverty alleviation special fund, the ISFD, the meeting approved a US$5.46 million contribution to address food security challenges in MCs through the ISFD’s Tadamon Accelerator for Food Security Response Program.