ISDB Board of Directors approves $ 1.6 billion in funding for 24 new projects in Africa, Asia and Europe
Sunday, Dec. 26, 2021 / 7:30 a.m. / IDB Press Release / Header image credit: IDB
In a significant increase in its financing operations, the Jeddah-based AAA-rated Islamic Development Bank (IDB) approved $ 1.6 billion to finance 24 new development projects in 19 member countries.
In his 343e meeting on December 18, chaired by the President of the IDB and Chairman of the Board, HE Dr. Muhammad Al Jasser, The Bank’s Board of Directors approved funding of US $ 1.394 billion for new development projects in member countries located in Asia, Africa and Europe.
The approved projects cover a wide range of development sectors, including “road construction and high speed transport; clean and renewable energies; poultry, fishing, irrigation and agriculture; child nutrition; university and technical education; as well as vocational training ”.
The approvals include $ 1.37 billion in financing from the Bank’s regular capital resources (OCR), in addition to the $ 16.5 million in financing from the IDB’s poverty alleviation arm, the Fund. Islamic Solidarity for Development (FSD).
During the session, Dr. Muhammad Al Jasser reiterated the full commitment of the Bank. He continued to support member countries to meet their development challenges and recover their economies. on the right track.
He also said that in doing so, the IsDB Group continues to cooperate with its global development partners, including the MDB community, the Arab Coordination Group and IFAD, among others, to mobilize new resources.
“Indeed, this package is in the best tradition of acting counter-cyclically in these difficult times,” said President Al Jasser.
In addition to reviewing several other reports, Board members approved the date and venue for the 2022 Annual Meetings of the Islamic Development Bank Group, hosted by the Arab Republic of Egypt in Sharm el-Sheikh in June.
New development projects approved during the 343e Board of Directors meeting are as follows:
- US $ 150 million for “Development of the South-South Java Trans-South Road Project (Phase-II)”.
- The project will promote sustainable economic growth and poverty reduction throughout South Java and improve the standard of living and mobility of people.
- US $ 180 million for the “Mohmand Dam and Hydropower Project”.
- The project improves energy production and provides sustainable water resources for agriculture and human consumption while improving the region’s resilience to flooding.
- US $ 86.5 million for “Development of irrigation systems in Unyama, Namulu and Sipi regions”.
- The project contributes to poverty reduction, economic growth, food security, climate resilience and sustainable access to water resources.
- EUR 100.00 million for the “Regional Express Train (TER) Project (Phase-II)”.
- The project aims to meet the growing demand for urban traffic between Dakar city center and AIIBD airport by reducing travel time from 1.5 to 0.5 hours, reducing operating costs and pollution of the air.
- US $ 5 million in ISFD funding for the “Construction of a Waqf commercial and residential complex for the benefit of schools in Daras”.
- The project will help remedy the inadequate and inadequate physical infrastructure of schools, insufficient and obsolete furniture, equipment and inputs for education.
- 159.56 million euros for the “Construction of the LABE-MALI road”.
- The project supports economic infrastructure for agricultural production, improves rural accessibility and energizes agricultural and mining value chains.
- 23 million euros to the Republic of Guinea to cover the “Additional financing of the OMVG high voltage electrical interconnection project”.
- The project aims to meet the growing demand for electricity, to improve living conditions by providing collective economic well-being.
- US $ 47.00 million for the “Integrated Early Childhood Nutrition and Development Project”.
- The goal of the project is to reduce the rate of stunting in children 0-59 months by 5%. The project will strengthen the quality of the health care offer and nutritional actions.
- 115.00 million euros for “Support for the development of the Odienné University project”.
- The project aims to strengthen the development of human capital by increasing access to higher education and improving the relevance of the labor market.
- € 17.39 million for the “Basic Education Development Project Phase V”.
- The main results include expanding access to primary education, improving the quality of basic education and creating / strengthening businesses and employment opportunities.
- US $ 29.75 million for the “Morocco Gas Pipeline Pre-Project Design Phase II Study Project – Nigeria Segment”.
- The project will enable West African states to replace costly oil-fired electricity production with renewable electricity and gas production.
- US $ 150.52 million to cover the “IsDB Support Project for the Special Agro-Industrial Processing Zone (SAPZ) Project”.
- The project will increase household incomes, create 185,000 new jobs, improve food security and increase yields of essential crops by 50%. It supports a broader government program for building inclusive and sustainable agro-industrial development in order to improve the competitiveness of the agricultural sector. Under this program, the Government is working with several donors, including the ADB.
- US $ 20 million for the “Support Project for the Development of Basic Education in Togo (PAAQET)”.
- The project improves the equity and quality of education in Togo by facilitating schooling opportunities for 102,000 schoolchildren and providing training and capacity building to 6,000 teachers.
- US $ 14 million for the “BERTIL – HARDING Highway Widening Project”.
- The project will contribute to the economic growth of the country by supporting transport, increasing the percentage of the primary road network from 80% to 100%.
- US $ 7 million for “University of The Gambia (UTG) Phase II Project Development”.
- The project increases the number of students enrolled in the UTG by 1,600, bringing the percentage of girls enrolled to 25% and 2 schools built and equipped.
- $ 17.15 million for the project “Support for the development of the vocational education system within the framework of the Guinea-Bissau reverse link project”.
- The expected results of the project include the creation of 720 additional places in vocational training, the percentage of girls registered has risen to 30% and 75% of graduates have found employment.
- US $ 40.98 million for the “RRM for Regional Integration Roads Improvement Project”.
- The project will contribute to poverty reduction by providing economic opportunities, market access, new jobs and entrepreneurship opportunities.
- US $ 90.15 million for the “Maritime Transport Development Project”.
- The main results of the project include increased maritime activity at the port of Turkmenbashi, improved transport capacity and the efficiency of the national maritime fleet.
- US $ 80.00 million for the “Al Dur Phase-II Plant Water Transmission and Distribution Project Improvement”.
- The project will improve access to water supply from 744,000 m3 / day to 971,000 m3 / day by 2026 and will benefit 420,000 civilians and 100,000 households.
- US $ 56.8 million for additional funding for the “Construction of the Qukès-QafÃ“ PlloÃ§Ã ”section of the Tirana-Korca road corridor”.
- The expected benefits of the project include improved regional and international connectivity, significant savings in travel time and costs, and the creation of employment opportunities.
- US $ 17.15 million for the “Technical and Vocational Education and Training (TVET) Project”.
- The expected results of the project include 80% of the students trained in TVET who obtain employment, construction / rehabilitation and equipment of 13 vocational education centers.
- US $ 45.00 million for “Strengthening the Maternal and Child Health Project”. The expected results include the construction and equipment of 20 health facilities, the rehabilitation of 87 health facilities including 2 Provincial Hospitals and the N’Djamena Mother-Child Health Center.
- 20.49 million euros for the “Improvement of the Douchi – Kurdula-Nigeria border road project”.
- The project will contribute to the socio-economic development of Niger, reduce costs and travel time and increase access to social facilities.
- € 22.66 million for the financing of the “Poultry and Fisheries Value Chain Development Project”.
- The project will directly benefit 120,000 poultry and fish producers and indirectly around 2 million farming families. 60% of the direct beneficiaries of the project will be women.
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