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FinancialNews
03-04-23
Islamic Development Bank Approves USD403 Million for Projects in Member Countries
(MENAFN) The Islamic Development Bank has approved USD403 million for various projects in member countries. The bank's president and board chairman, Muhammad Al-Jasser, said that the transformative projects approved in the board meeting will have a significant impact on improving transportation, education, and energy, as well as promoting regional economic integration and addressing emergency situations.
A significant portion of the funds, USD344.5 million, has been approved for the first phase of Egypt's electric express train project. The 660-km railway project will connect the Egyptian port cities of Ain Sokhna on the Red Sea to Marsa Matrouh and Alexandria on the Mediterranean, benefiting 25 million people annually and decreasing carbon emissions by approximately 250,000 tons annually.
The bank also approved additional financing of USD13 million for the Central Asia-South Asia Electricity Transmission and Trade Project (CASA-1000) in Kyrgyzstan. The project aims to meet the electricity demand in Afghanistan and Pakistan by establishing cross-border energy exchange among four IsDB member countries by exploiting the hydropower resources of Kyrgyzstan and Tajikistan.
Once operational, the project will utilize efficient and environmentally friendly indigenous hydropower resources of Kyrgyzstan and Tajikistan, creating conditions for sustainable electricity trade between Central and South Asia. The bank had initially approved USD50 million for the project.
The third approved project includes the implementation of the second phase of the National Education Development Strategy of Tajikistan. The IsDB Group remains committed to supporting its member countries in their pursuit of prosperity and resilience, particularly during these challenging times, Al-Jasser added.
MENAFN03042023000045014228ID1105932334
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