Development Islamic Development Bank approves $3bn for projects By Chris Hamill-Stewart October 16, 2024, 10:25 AM Alamy/Malcolm Schuyl via Reuters Tuna fishermen in the Maldlives. The Islamic Development Bank will contribute more than $64 million to the country's fishing industry Social and economic development 20 projects in 17 countries $1.1bn for Kazakh water resources The Islamic Development Bank has approved financing worth more than $3 billion for 20 social and economic development projects in 17 of its member states. The money will be used to boost social and economic development in critical sectors such as transportation, energy, agriculture, water resources, food security, health and social development. In an announcement, the Islamic Development Bank said: “[Chairman Muhammad Sulaiman] Al Jasser noted the importance of the approved projects and the major role they would play in creating significant positive impacts on infrastructure, fostering regional economic integration and improving resource management in line with national development priorities of the Bank’s member countries.” Islamic Development Bank board members approved the funding on October 15 for a range of projects in the Middle East, Asia and Africa. In Turkey, $261 million is allocated to the Eastern Türkiye Middle Corridor Railway Development Project. An additional $100 million will finance another project for economic recovery in earthquake-affected regions and improve productivity and competitiveness across the country. Jordan will receive $200 million to strengthen food security, while Morocco’s $473 million will go to the El Menzel pumped storage hydropower plant project. This will contribute to meeting peak period demand with clean, renewable and cost-effective energy. Projects receiving funding in Asia range across Kazakhstan, Kyrgyzstan, Azerbaijan, Uzbekistan and Pakistan. Kazakhstan has been assigned $1.15 billion for a climate-resilient water resources development project to enhance agricultural productivity and ensure food and water security. Water is also the focus of the investment in Azerbaijan, where just under $97 million will be allocated to water resources management to boost agricultural productivity and ensure food security. In Kyrgyzstan, $45 million will enhance the livelihoods of smallholder farmers and improve food security through agriculture mechanisation, while $58.25 million will be spent in the Issyk-Kul region to create more reliable and efficient energy supplies. Uzbekistan will receive just under $139 million to upgrade a dual carriageway to accommodate traffic demands, enhance regional and local connectivity and improve road safety. More than $118 million will be disbursed in Pakistan with the aim of alleviating poverty among vulnerable communities and improving food security, nutritional status and resilience to climate change. Saudi Exim Bank agrees $50 million credit facility with DL Hudson IMF gives Jordan access to $131m as reforms continue Saudi Fisheries sets up aquaculture company In Africa, projects receiving funding include transport, healthcare, fishing and agriculture. Comoros, for example, will receive $15 million to enhance maritime transport between its three islands. Senegal will receive around $71 million to accelerate the industrial transformation of agriculture production, while in the Maldives more than $64 million will contribute to expanding the fishing industry capacity. More than $60 million will be granted to Togo to support vulnerable populations by fostering income-generating activities to boost agricultural productivity. In Mozambique, almost $20 million will be allocated to enhance access to essential healthcare services and strengthen the capacity of health science training institutions. A highway construction project in Côte d’Ivoire will receive $278 million with the aim of enhancing regional integration and agricultural production. Another road project with the same goals will receive $16.5 million. Sierra Leone will be granted more than $72 million for socio-economic development by deploying soil stabilisation technology to enhance access to social and economic infrastructure, as well as to promote regional integration. Cameroon ($176 million) and the Gambia ($40 million) will receive funding to improve the reliability and safety of the transport sector.
