Jeddah, Kingdom of Saudi Arabia, February 04, 2022— The Board of Executive Directors of the Islamic Development Bank (IsDB) held a meeting chaired by the Bank’s President and Group Chairman H.E. Dr. Muhammad Al Jasser. During the meeting, the financing of a key energy infrastructure project was approved and reports on the Bank's recent performance were reviewed.

The honorable Board members approved an amount of EUR 122.73 million (US$ 133.59 million) in favor of the Cameroon-Chad Electricity Interconnection Project (Cameroon Southern-Northern Networks) in Cameroon, aimed at interconnecting the north electricity system and south system, and to enable electricity to be traded between Cameroon and Chad.

The IsDB President presented a report to the Board on the progress of the Bank’s Strategic Preparedness and Response Programme, which is aimed at supporting IsDB member countries’ efforts to control, mitigate, and recover from the "Covid-19" pandemic.

The President also briefed the Board on the Second Progress Report on the IsDB Group’s Food Security Response Program, which aims to allocate a total of US$ 10.54 billion to address the immediate needs of the present and also prepare for the long-term sustainability by developing a robust food system beyond the current food crisis.

In addition, the IsDB President presented a report on his recent official visits and participation in international and regional events where he held a series of high-level meetings.

The Board was also briefed on the recent meetings of its standing committees, namely the Operations and Development Effectiveness Committee, the Finance & Risk Committee , and the Governance and Administrative Committee.

  The project approved by the IsDB Board is provided below:

• The Republic of Cameroon

• IsDB’s contribution is EUR 122.73 million for Cameroon-Chad Electricity Interconnection Project.
• The Project objective is to enable electricity to be traded between Cameroon and Chad.
• The key outputs of the project are (i) High Voltage Transmission Lines increased from 0.00 km in 2023 to 532.00 km in 2028 and (ii) The number of sub stations increased from 0.00 in 2023 to 4.00 (Each 50 MVA) in 2028.
• The key outcomes are (a) Electricity transmitted from Southern to Northern Cameroon increased from a baseline of 0.00 MWh in 2023 to 522,000 MWh in 2028 and (b) Electricity traded between Cameroon and Chad increased from 0.00 MWh in 2023 to 438,000 MWh in 2028.