IsDB Board approves $558m financing for critical projects
The Islamic Development Bank (IsDB) has approved new financing of over $558 million for six projects that focus on sustainable and inclusive growth and infrastructure development in the bank’s member countries.
The approval came as part of the 2023 Annual Meetings of IsDB Group which opened on Wednesday at The Ritz-Carlton, Jedda, Saudi Arabia and chaired by the IsDB President and Group Chairman, Dr. Muhammad Al Jasser.
According to information made available to the IsDB media centre shortly after a closed-door meeting and obtained by Daily Trust, the decision of the Board Members will extend a contribution of EUR270.57m ($296.37m) to Phase 2 of the Rural and Peri-Urban Housing Finance Project in the People’s Republic of Bangladesh.
The project aims to construct 1,989 sustainable multi-storied housings with improved quality and necessary basic facilities. It will benefit a total of 70,632 lower and middle-income people dwelling in rural and peri-urban areas in the country.
The key approvals of the IsDB Board of Executive Directors also include a financing contribution of $100m inclusive of a $35m grant from the Bill and Melinda Gates Foundation, to the Polio Eradication Phase IV Project in the Islamic Republic of Pakistan.
The Board also approved a $100m facility for PT Sarana Multi Infrastruktur, a special mission vehicle for PT Sarana Multi Infrastruktur (SMI) to accelerate infrastructure development in the Republic of Indonesia.
IsDB will also provide a financing contribution of EUR 40 million ($43.81m) to the electrification and development of the Electrical Connection Project in the People’s Republic of Burkina Faso comprising construction of 113km MV power lines, 971km of LV lines, setting up 132 MV/LV substations, connecting 38,240 households and installing 590 solar public lightings, all to increase national access to electricity by 25%.
The Board also approved EUR2.32m ($2.54m) for the construction of the Guiba-Garango Road in Burkina Faso; it had earlier approved EUR45.03m ($49.30m) for it.
The IsDB meetings continue till May 13 with over 4,000 participants from 57 member countries as well as over 100 speakers spread across 30 sessions.