Tuesday 04, July 2017 by Nabilah Annuar

IDB approves $1,096 million of funding for development projects in its member countries

The members of the Board of Executive Directors of the Jeddah-based Islamic Development Bank (IsDB), in their 320th meeting which convened 2 July 2017, have approved $1096.4 million worth of development projects for the IsDB member countries.

The financial provisions were awarded for various sectors, such as power generation, water supply and sanitation, industry, housing, communications, agriculture, and health as well as a number of educational and health projects for Muslim communities in non-member countries. 

In an announcement on the organisation’s website, the approvals of the board include: $24.1 million for the Health Resilience Project in Lebanon”; $102.8 million for the 50 MW Power Plant of Kossodo in Ouagadougou in Burkina Faso; $165.4 million for the Sirakoro 100 MW Thermal Power Plant in Mali; $216.63 million for the Infrastructure Development Project for the Expansion of Rusayl Industrial Estate in Oman; $95.24 million for the Rural and Peri-Urban Housing Finance Project in Bangladesh; $273 million for the Telecommunication Network Enhancement Project in Turkmenistan; $53.71 million for the Agriculture Infrastructure and Value Chain Development Project in Cameroon; $15.4 million for the Rural Water Supply and Sanitation Project in N’Zerekore Region in Guinea; $115.6 million for contribution to financing of two power generation projects in Egypt (the Non-Sovereign Project Financing Participation in 3x50 MW Photovoltaic Solar Power Project (Feed in Tariff programme) – round II – as well as the Scatec Solar Project); $56 million for the Abour 49.5 MW wind Farm Project in Jordan; and $83.8 million for the Turkish Public Health Campus Project in Turkey.

A total amount of US $1.2 million was also approved in the framework of special assistance operations under the IsDB Waqf Fund to contribute to educational and health projects for Muslim communities in Bosnia and Herzegovina, Fiji, Kenya, Malawi, Somalia, and South Africa. 

The Board Members also reviewed the administrative and regulatory procedures for 42nd Annual Meeting of the IsDB Board of Governors recently held in Jeddah (May 2017), appreciating all the official and non-official entities that contributed to planning and implementation of the event, making it a great success. The meeting also considered an updated report on the IsDB Group’s Member Country Partnership Strategy, MCPS. 

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