Islamic Development Bank approves three projects valued at $403m

Islamic Development Bank approves three projects valued at $403m

The Islamic Development Bank (IsDB) has approved three projects worth around $403m that support socio-economic development and promote sustainability in member countries in key sectors such as energy, education, and transport. The decision was taken at the 350th meeting of the Board of Executive Directors held on April 1, in Jeddah, Saudi Arabia. IsDB president and group chairman, Dr Muhammad Al Jasser, said: “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.” The bank signed off on EUR318m ($344.5m) towards the financing of Phase I of the Electric Express Train Project in Egypt. The project will 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 project is expected to benefit 25 million people annually and decrease greenhouse gas (GHG) emissions by approximately 250,000 tonnes of CO2 annually. The board also approved an additional financing of US$13m for the Central Asia South