Jeddah, Kingdom of Saudi Arabia, 14 October 2024 - The Board of Executive Directors of the Islamic Development Bank (IsDB) has approved more than US$ 3 billion in financing for 20 socio-economic development projects across 17 member countries.

The projects focus on advancing socio-economic development as well as promoting resilience and sustainability in key sectors such as transport, energy, agriculture, water resources, food security, health, and social development.

The approvals came during the 357^th IsDB Board meeting chaired by IsDB President, H.E. Dr. Muhammad Al Jasser, on 14^th October 2024.

Reiterating IsDB’s continued commitment to spearheading resilience and sustainable economic growth, H.E. Dr. 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.

These considerable approvals pertain to:

• Kazakhstan: US$ 1,153.5 million for a climate resilient water resources development project to enhance agricultural productivity and ensure food and water security.
• Jordan: US$ 200.3 million to strengthen the country’s food security by enhancing the strategic reserve of two commodities.
• Kyrgyzstan: US$ 45.11 million to enhance the livelihoods of smallholder farmers and improve food security through agriculture mechanization as well as US$ 58.25 million additional financing aiming at fostering social and economic development in Issyk-Kul region through reliable and efficient energy supply
• Senegal: EUR 65.10 million (US$ 70.96 million) to accelerate the industrial transformation of agriculture production.
• Togo: EUR 55.23 million (US$ 60.30 million) to enhance the quality of life for most vulnerable populations by fostering income-generating activities to boost agricultural productivity.
• Azerbaijan: US$ 96.73 million for water resources management to boost agricultural productivity and ensure food security.
• Maldives: US$ 64.65 million to contribute to economic development by expanding the fishing industry capacity.
• Pakistan: US$ 118.40 million aiming at alleviating poverty among vulnerable communities while simultaneously improving their overall food security, nutritional status, and resilience to climate change.
• Mozambique: US$ 19.80 million to strengthen the healthcare system through enhancing access to essential healthcare services and strengthening the capacity of health science training institutions.
• Morocco: EUR 441.82 million (US$ 472.92 million) for El Menzel pumped storage hydropower plant project which will contribute to meeting peak period demand with clean, renewable and cost-effective power supply thanks to clean energy storage.
• Côte d'Ivoire: EUR 260 million (US$ 278.2 million) for a highway construction project which will enhance regional integration and agricultural production as well as EUR 15.25 million (US$ 16.50 million) additional financing for another road project intended to also enhance regional integration and agricultural production.
• The Gambia: US$ 40.00 million to support economic growth of the nation by bolstering its transport sector.
• Sierra Leone: EUR 70.320 million (US$ 72.29 million) for socio-economic development by deploying soil stabilization technology to enhance access to social and economic infrastructure, as well as to promote regional integration.
•  Comoros: US$ 15.00 million to enhance the resilience, connectivity, and safety of maritime transport between islands.
• Uzbekistan: US$ 138.80 million to upgrade an existing road, from a four-lane dual carriageway to a six-lane dual one, in order to accommodate current and future traffic demands, enhance regional and local connectivity, and improve road safety.
• Cameroon: EUR 163.68 million (US$ 176.3 million) to improve transport systems by reducing travel time and cost and enhancing road safety and comfort.
• Türkiye: EUR 246.40 million (US$ 261.18 million) to contribute to safe, accessible and sustainable transport systems through the Eastern Türkiye Middle Corridor Railway Development Project as well as US$ 100 million additional financing for another project for economic recovery in earthquake-affected regions and to improve productivity and competitiveness across the country.

Furthermore, the IsDB Board approved a US$ 10 million grant operation contribution to the Health Impact Platform in partnership with the World Health Organization, thus joining efforts with partners towards improving global health outcomes.

These structuring and transformational projects come at a crucial phase of IsDB’s strategy to ramp up its financing, harness strategic partnerships and promote sustainable development and inclusive growth as a springboard for equity and shared prosperity in its member countries.