Jeddah, Kingdom of Saudi Arabia, 27 April 2024 - The Islamic Development Bank (IsDB)  has approved approximately  US$418 million to fund new development projects in member countries, the bank said in a statement on Saturday.

The board, chaired by IsDB President H.E. Dr. Muhammad Al Jasser, approved four projects during its 355th meeting focusing on socio-economic development and sustainability. The meeting was held on Saturday in Riyadh, Kingdom of Saudi Arabia, on the first day of the 2024 IsDB Group Annual Meetings and the Golden Jubilee marking the 50^th Anniversary of the Bank.

The approvals included EUR120 million in financing for Türkiye's Nakkas-Basaksehir Motorway Project, a subsection of the larger North Marmara Motorway government initiative. The main project aims to provide an alternative Bosphorus crossing, significantly reducing traffic congestion, travel times, and greenhouse gas emissions.

Tajikistan received US$150 million for the construction of the Rogun Hydropower Plant Project's Lot-4 (Left Bank Structures). The project aims to provide clean, affordable, and reliable renewable electricity to meet the country's growing domestic demand, enhance energy security, and commercialize it through the regional power market.

The IsDB board approved EUR60.57 million for the Root and Tuber/Regional Cassava Value Chains Development Project in Benin. The project aims to improve food security, economic growth, and household income through better production, processing, marketing, and private sector involvement in the cassava, sweet potato, and yam value chains.

Similarly, Côte d'Ivoire secured EUR70.46 million in financing for its Root and Tuber/Regional Cassava Value Chains Development Project. This project seeks to boost food security, economic growth, and household incomes through improved cassava production, processing, marketing, and private-sector participation. It also aims to create employment opportunities, particularly for women and youth, and develop national and regional trade.

The Islamic Development Bank Group has always reaffirmed its commitment to supporting member countries' pursuit of prosperity and achieving their Sustainable Development Goals, while also strengthening their resilience to future development obstacles.