In a significant increase in its financing operations, the Jeddah-based AAA-rated Islamic Development Bank (IsDB) has approved US$ 1.6 billion to finance 24 new development projects in 19 member countries.
In its 343rd meeting on 18 December, chaired by IsDB President and Chairman of the Board, H.E. Dr. Muhammad Al Jasser, the Board of Executive Directors of the Bank, approved US$ 1.394 billion of funding for new development projects in member countries located in Asia, Africa, and Europe.
The approved projects cover a wide array of development sectors, including “road construction and high-speed transport; clean and renewable energy; poultry, fisheries, irrigation and agriculture; child nutrition; academic and technical education; as well as vocational training.”
The approvals comprise US$ 1.37 billion of financing from the Bank’s ordinary capital resources (OCR) in addition to US$ 16.5 million of funding allocated by IsDB’s poverty alleviation arm, the Islamic Solidarity Fund for Development (ISFD).
During the session, Dr. Muhammad Al Jasser reiterated the Bank’s full commitment. He continued support for member countries to respond to their development challenges and get their economies back on track.
He also stated that in so doing, the IsDB Group continues to cooperate with its global development partners, including the MDBs community, the Arab Coordination Group, and IFAD, amongst others, to mobilize new resources.
“Indeed, this package is in the best tradition of acting countercyclically at these trying times,” President Al Jasser elaborated.
In addition to reviewing several other reports, the Board Members approved the date and venue of the 2022 Annual Meetings of the Islamic Development Bank Group, hosted by the Arab Republic of Egypt in Sharm El Sheikh in June.
The new development projects approved during the 343rd meeting of the Board of Executive Directors are as follows:
US$ 150 million for the “Development of the Trans South-South Java Road (Phase-II) Project.”
The project will foster sustainable economic growth and poverty reduction throughout Southern Java and improve the standards of living and mobility of people.
US$180 million for “Mohmand Dam and Hydropower Project.”
The project enhances energy generation and provides sustainable water resources for agriculture and human consumption while improving the region’s resilience to floods.
US$ 86.5 million for the “Irrigation Schemes Development in Unyama, Namulu and Sipi Regions.”
The project contributes to poverty reduction, economic growth, food security, climate resilience, and sustainable water resource access.
EUR 100.00 million for the “Regional Express Train (TER) (Phase-II) Project.”
The project aims to meet the increasing demand for urban traffic between Dakar City Center and the AIIBD Airport by reducing travel time from 1.5 to 0.5 hours, reducing operating costs and air pollution.
US$ 5 million of ISFD Financing for the “Construction of a Commercial and Residential Waqf Complex for the Benefit of the Daras Schools.”
The project will enable to address the schools’ inadequate and unsuitable physical infrastructure, furniture, equipment, and insufficient and outdated inputs for education.
EUR 159.56 million for the “Construction of LABE-MALI Road.”
The project supports agricultural production’s economic infrastructures, improves rural accessibility, and boosts agricultural and mining value chains.
EUR 23 million to the Republic of Guinea to cover the “Additional Financing for the OMVG High Voltage Electricity Interconnection Project.”
The project aims at satisfying the increasing electricity demand, improving the living conditions by providing collective economic welfare.
US$ 47.00 million for the “Integrated Nutrition and Early Childhood Development Project.”
The project’s objective is to reduce the rate of stunting by 5% among children 0-59 months. The project will strengthen the quality of health care provision and nutrition actions.
EUR 115.00 Million for the “Support to the University of Odienne Project Development.”
The project aims to strengthen human capital development by increasing access to higher education and improving the relevance of the labour market.
EUR 17.39 million for the “Basic Education Development Project Phase V.”
The key results include expanded access to primary education, improved quality of basic education and created/reinforced businesses and employment opportunities.
US$ 29.75 million for the “Front-End Engineering Design Phase II Study Project for Morocco Gas Pipeline – Nigeria Segment.”
The project will enable the West African States to replace costly oil-fired generation with renewable and gas-fired power generation.
US$ 150.52 million to cover the “IsDB Support for Special Agro-Industrial Processing Zone (SAPZ) Project.”
The project will increase household incomes, provide 185,000 new jobs, enhance food security, and increase critical crop yields by 50%. It supports a more extensive Government Program for building an inclusive and sustainable agro-industrial development to enhance the competitiveness of the agriculture sector. As a part of this program, the Government is working with several financiers, including the AfDB.
US$ 20 Million for the “Support to Basic Education Development Project in Togo (PAAQET).”
The project enhances equity and quality of education in Togo by facilitating schooling opportunities for 102,000 school children and providing training and capacity building for 6,000 schoolteachers.
US$ 14 million for the “Widening of BERTIL – HARDING Highway Project.”
The project will contribute to the country’s economic growth by supporting transport, increasing the percentage of the primary road network from 80% to 100%.
US$ 7 million for the “Development of the University of the Gambia (UTG) Phase II Project.”
The project increases the number of students enrolled in UTG by 1,600, increasing the percentage of the enrolled girls to 25% and 2 schools constructed and equipped.
US$ 17.15 million for the “Support to the Development of Vocational Education System under Reverse Linkage Project Guinea-Bissau.”
The project’s expected results include the creation of 720 additional VT seats, the percentage of enrolled girls increased to 30%, and 75% of the graduates found jobs.
US$ 40.98 Million for the “RRM for Upgrading Regional Integration Roads Project.”
The project will contribute to poverty alleviation by providing economic opportunities, market access, new employment, and entrepreneurship opportunities.
US$ 90.15 million for the “Maritime Transport Development Project.”
The project’s key outcomes include increased maritime activity at Turkmenbashi port, enhanced transportation capacity, and efficiency of the National Maritime Fleet.
US$ 80.00 million for the “Enhancement of Water Transmission and Distribution Project of Al Dur Phase-II Plant.”
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 under Additional Financing for the “Construction of QukÃ«s-QafÃ« PlloÃ§Ã« Section of the Tirana-Korca Road Corridor”.
The project’s expected benefits include improved regional and international connectivity, significant travel time and cost savings, and creation of employment opportunities.
US$ 17.15 million for the “Technical and Vocational Education and Training (TVET) Project.”
The expected project results include 80% of the TVET trained students gaining employment, construction/rehabilitation, and equipping 13 vocational education centers.
US$ 45.00 Million for the “Strengthening of Maternal and Child Health Project”. The expected results include building and equipping of 20 health facilities, rehabilitation of 87 facilities including 2 Provincial Hospitals and the Mother-Child Health Center of N’Djamena.
EUR 20.49 Million for the “Upgrading of the Douchi – Kurdula- Nigeria Border Road Project”.
The project will contribute to the socio-economic development of Niger, reduce the travel costs and travel time and increase access to social amenities.
EUR 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 benefit around 2 million farm families. 60% of the project direct beneficiaries will be women.
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