Jeddah, Kingdom of Saudi Arabia, 10 December 2022 – The Board of Executive Directors of the AAA-rated Jeddah-headquartered Islamic Development Bank (IsDB) today approved US$ 363.6 million to finance new development projects in eleven member countries.

At its 348^th meeting held on 10 December, the Board also approved the Bank's Integrated Work Program 2023-2025 and Budget 2023 and  the markup rate applicable from 1 January 2023 to 30 June 2023 for OCR Sovereign Projects' Financing.

Chaired by IsDB President, H.E. Dr. Muhammad Al Jasser, the Board reviewed many important reports, including the 14^th Report on the COVID-19 Strategic Preparedness and Response Program, the inaugural progress report on the Food Security Response Program, and the Progress Report on the Establishment and Operationalization of the Afghanistan Humanitarian Trust Fund.

It also discussed the quarterly reports (Q3-2022) on risk management, financial sustainability, liquid funds management, and share capital activities.

Besides the approval of additional financing worth US$ 9.5 million to Tajikistan to support the implementation of the development of the national education of the country, the other development projects approved by the Board are as follows:

Cote d'Ivoire

• US$ 184.53 million (Euro 176.58 million) for the Construction of Mountains District Integration Road: Man – Kouibly and Guiglo – Tai (132km).

The project aims to strengthen socioeconomic infrastructures in the Mountain District. This will improve rural accessibility and deliver all-year access to facilitate the flow of economic activities and boost high-level agricultural and mining sectors in line with the National Development Plan 2021-2025 to achieve a yearly economic growth of 7.65% for the next five years.

Guinea

• US$ 90 million for the Improvement of the Energy Access Project.

The project aims to develop access to electricity by extending the interconnected grid and improving the national access rate from 44.4% to 55% upon completion of the global Improvement of the Energy Access Project (PAAEG) scope. More specifically, the project, in four geographical zones covered by IsDB, will connect 61,862 customers to the network and help improve the overall performance of the Ministry of Energy and Electricité de Guinée by reducing the overall loss rate from 35% to 15%.

Uzbekistan

• US$ 30.00 million for the Enhancing Access to Quality Early Childhood Education Project.

The project aims to support the Government of Uzbekistan's target of achieving universal preschool enrollment. In addition, it will enhance access to quality early childhood education facilities and improve the quality of the early learning environment in Uzbekistan.

Kyrgyz Republic

• US$50.20 million (Loan: US$ 50 million, TA Grant: US$ 0.20 million) for the Reconstruction of Suusamyr-Talas-Taraz Road Project, Phase-IV

The project development objective is to improve the road section's efficiency, safety, and traffic-bearing capacity to accommodate current and future traffic, enhance regional and local connectivity and increase regional transportation.

Mauritius

• US$ 250,000 grant for participation in the construction of a primary school building within the Institute of Islamic & Secular Studies (IISS) at Vallée des Prêtres, Port-Louis, Mauritius

This grant aims to improve the quality of education and access to an integrated system of academic and Islamic education at the primary level, accommodating the increasing number of primary students from 245 to 340 through the construction of a primary school building for girls and boys. The project is consistent with the Bank's strategic objective of reducing poverty through inclusive socioeconomic development.

Tanzania

• US$ 220,000 grant for participation in the expansion of Rahma Pre & Primary School, Nzuguni Area, Dodoma City -Tanzania

This grant aims to improve the learning conditions and quality of the services delivered by the Rahma Primary School by supporting: i) civil works for the construction of two blocks of eight classrooms plus administrative facilities, ii) the construction of one block of two science laboratories, iii) providing pedagogic and ICT equipment and furniture, and iv) consultancy services for engineering designs and supervision.

West Africa Region

• US$   8.5 million for the Regional Soil Fertility Mapping Program (RSFMP) of West Africa: (The Gambia: US$ 0.5 million+ US$ 0.5 ISFD loan), (Mali: US$ 0.75 million+ US$ 0.75 ISFD loan), (Senegal: US$ 1.00 million +US$ 1 million ISFD loan), (Niger: US$ 1.00 million+ US$ 1 million ISFD loan), and (Guinea: US$ 1.00 million+ US$ 1 million ISFD loan).

The overall goal of this project is to improve smallholder agricultural productivity through better soil management. The objectives are to develop balanced fertilizer products and integrated soil fertility management recommendations targeted to particular crop needs according to typical soil and agro-climatic conditions. That will substantially and sustainably increase yields and nutritional quality and result in increased returns on fertilizer investments.