Jeddah, Kingdom of Saudi Arabia, February 23, 2026 – The Islamic Development Bank (IsDB) has announced the approval of US$ 2.41 billion for several transformative projects at its 364th meeting of the Board of Executive Directors (BED), Chaired by IsDB President, H.E. Dr. Muhammad Al Jasser. The approvals reflect the Bank’s continued commitment to strengthening regional cooperation, fostering economic development, including climate and environment-protection-friendly investments in advancing the United Nations Sustainable Development Goals (SDGs) across its member countries.

The new financing provided an additional US$ 40 million for the Central Asia South Asia Electricity Transmission and Trade Project (CASA-1000) in Tajikistan, aiming to strengthen regional energy trade, improve electricity access and reliability, and contribute to climate change mitigation through clean, renewable energy exports.

Financing of EUR 116 million (approximately US$ 134.88 million) for the upgrading of the Dakar Expressway Project in Senegal. The project aims to upgrade health, education, and economic services positively impacting local population. The project will reduce traffic congestion and peak-hour travel times, and enhance the road safety measures to cut traffic-related fatalities and injuries by half, with special focus on women, girls, and young pedestrians.

Development financing of US$ 1,307.34 million was approved for the Economic and Industrial Zones project in Kazakhstan to foster the sustainable industrial development. The initiative will advance Kazakhstan’s economic diversification, attract investment, create jobs, and global competitiveness by upgrading infrastructure and enhancing operational efficiency across Special Economic Zones (SEZs), Industrial Zones (IZs), and Specialized Industrial Zones (SIZs).

For Bahrain, a US$ 330.07 million financing was approved to expand the country’s industrial capacity and enhance economic competitiveness, with modern, investment-ready industrial land supported by resilient infrastructure. The development of reclaimed land upgraded utilities, and efficient internal connectivity will enable advanced manufacturing and export-oriented industries, catalyze private investment, stimulate job creation, and strengthen Bahrain’s position as a regional industrial and logistics hub.

The BED also approved US$ 160 million to promote the utilities, water, and urban development sectors in Jordan.  This approval will secure the future supply of drinking water for Aqaba, Amman, and the northern regions of Jordan. It will help the country adapt to and mitigate the impacts of climate change, support economic growth, and promote private sector involvement in the water sector for sustainable long-term solution to water shortages in the country and alleviate the country’s severe water stress.

Azerbaijan was provided with financing of US$ 436.67 million to improve agricultural productivity by significantly reducing irrigation water losses and to contribute to sustainable rural development, in line with Azerbaijan’s 2030 Vision. The project will also advance green growth, strengthen climate resilience, and ensure long-term food security.

The approved projects illustrate IsDB’s strategic focus on fostering sustainable, inclusive growth in its member countries. By addressing critical infrastructure, energy, water, transport, and industrial development challenges, these initiatives will deliver lasting impact and contribute meaningfully to achieving the SDGs.