Saudi: Islamic Development Bank approves $1.12bln in development financing for nine member countries

Saudi: Islamic Development Bank approves $1.12bln in development financing for nine member countries

JEDDAH - The Islamic Development Bank’s (IsDB) Board of Executive Directors, approved a total of US$ 1.12 billion for development projects financing in various sectors in 9 member countries as well as US$ 1.79 million grant for a number of other projects including market access readiness in the Republic of Yemen and special assistance grants to Muslim communities in 3 non-member countries, during its 347th session held, today, at the Bank's Headquarters in Jeddah, Kingdom of Saudi Arabia.

During the session chaired by Dr. Muhammad Al Jasser, President of the IsDB and Chairman of IsDB Group, the Honorable members of the Board of Executive Directors considered and approved projects in the key sectors such as food security, health, transport, energy, urban development, education, water and sanitation.

They also deliberated on the existing financing gaps in key energy infrastructure needs in some of the member countries and accordingly approved two projects under the Public Private Partnership (PPP) modality for the Republic of Uzbekistan and the Republic of Uganda. The governments in these countries are using PPP financing as a mechanism to attract private sector investment and expertise to deliver improved public services and accelerate economic growth.

The EUR100 million Surkhandarya Combined Cycle Power Plant