Jeddah, Kingdom of Saudi Arabia, 15 December 2024 - The Islamic Development Bank’s Board of Executive Directors today approved US$ 575.63 million in financing to foster education, energy, regional and international connectivity as well as job creation and food security in Africa and Central Asia. The approvals will contribute to the achievement of the SDGs in line with the national development plans and priorities of the recipient member countries.

Chaired by IsDB President, H.E. Dr. Muhammad Al Jasser, the 358^th meeting of the Board of Executive Directors approved financing for two energy and connectivity projects in the Republic of Guinea; two education projects in the Kyrgyz Republic and the Republic of Uzbekistan; a transport connectivity project in the Republic of Kazakhstan; an agri-food MSMEs project in the Republic of Tunisia; and a rural electrification project in the Republic of Benin.

“This round of financing approvals represents a milestone in the history of our institution as our annual development approvals have exceeded US$ 5 billion. This achievement is a testament to our continued commitment to serving our member countries and contributing to their national plans and priorities to foster inclusive economic growth and sustainable socio-economic development,” stated H.E. Dr. Muhammad Al Jasser, IsDB President.

 The approvals include the Guinea-Senegal Road Corridor Construction Project which will receive EUR 140 million financing from IsDB to strengthen Guinea's connectivity with Senegal. The project will enhance livelihoods by facilitating efficient market and service access, improving roads, lowering transport costs, boosting agriculture, and elevating regional economic integration across West Africa. Additionally, IsDB approved US$ 80 million in financing for the construction of a 40 MW Thermal Power Plant in Kankan, the second largest city in Guinea, aiming to extend the electricity distribution grid from the Fomi substation to the town of Kouroussa and 16 other neighboring localities, thereby enhancing people’s lives by improving the stability and reliability of electricity supply.

In the Republic of Uzbekistan, IsDB will be providing US$ 160.25 million as co-financing contribution to the Joint US$ 220.25 million IsDB/ISFD/GPE Smart-Ed Project. Other financiers are the Global Partnership for Education (GPE), the Islamic Solidarity Fund for Development (ISFD), as well as the Government of Uzbekistan. The co-financed project is set to enhance the quality and efficiency of the education sector in the country through expanding school infrastructure and relevant quality educational needs. It will accommodate an additional 620,000 preschoolers as well as 1.2 million school-age children by constructing 58 student-friendly schools with 2,431 state-of-the-art classrooms. 

A similar joint Smart-Ed Project by IsDB/ISFD/GPE will target Improving Access to and Quality of Inclusive Learning Opportunities for All Children in Kyrgyzstan. The school population in the country has surged by 15% in the past 5 years, necessitating substantial investments in educational infrastructure and reforms. The IsDB Board’s US$ 10.25 million financing approval is part of a US$ 76.31 million joint project with GPE which will provide girls and boys with equitable access to quality competency-based learning opportunities that will prepare them for the evolving labor market demands.

Furthermore, a EUR 48.04 million contribution from IsDB will fund the Youth and Women MSMEs and Entrepreneurship Support Project (YWESP) in Tunisia. The project will create jobs for young women and men by providing a blended line of financing. It seeks to improve access to affordable finance for Micro Small and Medium enterprises (MSMEs) especially in agri-food systems, which are vital to providing food security and alleviating poverty.

Another US$ 85 million IsDB financing is set to facilitate the construction of the Kyzylorda Bypass Road Project in the Republic of Kazakhstan. Once operational, the 4-way bypass road will ease urban and international transit traffic in and around the Kyzylorda city, improving transport services for 350,000 people, ameliorating road traffic safety by 50%, reducing travel time by 40%, and increasing average speed by 30%.

In Benin, the IsDB Board’s EUR 32 million financing approval for a Rural Electrification Project will contribute to the country’s targets for increasing access to modern energy services, scaling up renewable energy, increasing energy efficiency, and improving knowledge services. This is expected to increase the national electricity access rate by 6% and improve rural energy access by 14.5% by serving 9,200 households or nearly 49,000 citizens of the country.

These approvals demonstrate IsDB’s vision and commitment towards harnessing greater resources and forging strategic partnerships to contribute to the SDGs attainment and to the socio-economic development of Its Member Countries.