Islamic Development Bank (IsDB) has approved $403 million worth of projects in member countries such as Egypt, Kyrgyzstan, and Tajikistan to bolster their infrastructure. The decision was made during the bank’s 350th board meeting on April 1 in Jeddah. The approved projects aim to support socio-economic development and promote sustainability in various sectors, including energy, education, and transport.
The largest project approved at the meeting is the Electric Express Train Project (Phase I) in Egypt, which received euro 318 million ($344.5 million) in financing. The project aims to provide access to safe, affordable, accessible, and sustainable transport systems for all by developing a 660km sustainable, green, and climate-resilient electric express railway system. The project is estimated to benefit 25 million people annually and reduce Green House Gas (GHG) emissions by approximately 250,000 tons of CO2 per year.
IsDB President and Group Chairman Dr. Muhammad Al Jasser stated that these transformative projects would significantly impact the transportation, education, and energy sectors while promoting regional economic integration and addressing emergencies. He also affirmed IsDB Group’s commitment to supporting member countries in their pursuit of prosperity and resilience, especially during challenging times.
The board also approved an additional $13 million for the Central Asia South Asia Electricity Transmission and Trade Project (CASA-1000) in the Republic of Kyrgyzstan, raising IsDB’s total contribution to $63 million. The project aims to meet the electricity demands in Afghanistan and Pakistan by establishing a cross-border energy exchange between four IsDB member countries. Once operational, the project will utilize Kyrgyzstan and Tajikistan’s efficient and environmentally friendly hydropower resources, creating sustainable electricity trade between Central and South Asia.
In Tajikistan, the IsDB/ISFD/GPE/OFID Project for Support to Implementation of the National Education Development Strategy (Phase II) received $45 million from IsDB and the Islamic Solidarity Fund for Development (ISFD). The project seeks to improve the learning environment and facilitate system strengthening for the country’s sustainable implementation of an inclusive, competency-based education system. This project is a partnership between IsDB, ISFD, Global Partnership for Education (GPE), and OPEC Fund for International Development (OFID).
Additionally, the board discussed emergency grant funding from the IsDB to support Turkey and Syria following devastating earthquakes in both countries.
The IsDB Board also reviewed the progress report of the IsDB Group Food Security Response Program (FSRP), aimed at helping member countries avert the ongoing food crisis and strengthen their resilience to future food security shocks.
Overall, the IsDB Board of Executive Directors continues to support member countries in achieving their sustainable development goals and enhancing their resilience to future development challenges.
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