IsDB Board approves financing of projects worth US$ 403 mn for sustainable development and economic transformation

IsDB Board approves financing of projects worth US$ 403 mn for sustainable development and economic transformation

JEDDAH,1st April, 2023 (WAM) -- The 350th meeting of the Islamic Development Bank (IsDB) Board of Executive Directors was held on Saturday, 1ist April 2023, in the city of Jeddah, Kingdom of Saudi Arabia.

Chaired by IsDB President and Group Chairman, Dr. Muhammad Al Jasser, the meeting approved three projects worth around US$ 403 million that support socio-economic development and promote sustainability in member countries in key sectors such as energy, education, and transport.

In his remarks, Dr. Al Jasser, emphasised the significance of the approved projects, saying: "The transformative projects approved in this board meeting will have a significant impact on improving transportation, education, and energy, as well as promoting regional economic integration and addressing emergency situations. The IsDB Group remains committed to supporting its member countries in their pursuit of prosperity and resilience, particularly during these challenging times."

Top among the approvals is IsDB’s EUR 318 million (US$ 344.5 million) financing to be contributed to Phase I of the Electric Express Train Project in the Arab Republic of Egypt. The objective of the project is to provide access to safe, affordable, accessible, and sustainable transport systems for all by developing a 660km sustainable, green, and climate-resilient electric express railway system. This