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RIYADH: Member nations of the Islamic Development Bank can anticipate new development initiatives after its board has approved $2.12 billion to finance various projects.
Muhammad Al-Jasser, the president and group chairman of IsDB, approved 16 projects during the board meeting held in Jeddah on Dec. 10, according to a press release.
The most prominent among the projects was €803.3 million ($845.57 million) in financing to strengthen Indonesia’s healthcare referral network, ensuring that every citizen has access to quality medical facilities.
The board also approved €187.84 million in financing for the construction of the Guercif-Nador Highway Project in Morocco.
The project aims to improve the connectivity of the Oriental region and the Nador West Med port complex by completing the construction of 104 km of highway by 2029, including 17 bridges and 53 flyovers.
The other crucial projects included financing $144 million to Burkina Faso and $106 million to Uganda to improve the living environment of the populations and support the transport sector in the two nations.
The bank also cleared US$ 300 million in financing for two projects for Turkiye earthquake-affected areas.
It also approved the projects in several other nations, including Mali, Chad and Kyrgyz Republic.
This move aligns well with IsDB’s vision to be the leader in fostering socioeconomic development in member countries in conformity with Shariah law.
Al-Jasser said the approved projects would bring about transformative impacts on elevating transportation, health, education and energy.
During the meeting, the president also told the board members that IsDB is working to deepen the sukuk market to enable the bank to finance more projects, whether green bonds, sustainability instruments or ordinary Sukuk.
In September, the financial institution allocated $1.12 billion for financing development projects in nine member countries.
It has also approved a grant worth $1.79 million for several other projects, including market access readiness in Yemen and special assistance grants to Muslim communities in three nonmember countries.
During that meeting, the bank discussed the financing gap in the energy infrastructure of some of the member countries. Subsequently, it backed two energy sector public-private partnership projects for Uzbekistan and Uganda.