IsDB approves $238.1 million project financing for Benin, Cote D’Ivoire, Kyrgyzstan, and Nigeria

The Board of Executive Directors (BED) of Islamic Development Bank (IsDB) has approved US $238.1 million worth of project financing for Benin Republic, Cote D’Ivoire, Kyrgyz Republic and Nigeria. The BED also approved the financing of a pilot project on energy access to finance through crowdfunding.

The approval was given during the 332nd session of the BED chaired by IsDB President Dr. Bandar Hajjar in Jeddah. Details of the approvals are:

  • Benin - $69.1 million (62.15 million Euros): Support to the Social Housing Project. The project aims to provide access to decent housing, connected to urban services (potable water, sewage, electricity), to more than 20,000 inhabitants by the end of 2024.
  • Cote D’Ivoire - $47.86 million (43.06 million Euros): Abidjan and 11 Secondary Cities Sanitation Project. The overall objective of the project is to help in achieving a sustainable improvement in the provision of sanitation services in Abidjan and 11 secondary cities by eliminating the uncontrolled dumping of sludge. This will protect the populations and the environment against water borne diseases, sewage flooding and discharge of untreated effluents; preventing ground and surface water pollution.
  • Kyrgyz Republic - $20 million: Irrigated Agriculture Development in Issyk-Kul and Naryn Regions Project. The project objective is to improve the livelihood of the rural population through sustainable agriculture development and water resources management with adaptation to climate change. It also aims to support 13,200 farmers in providing access to improved agricultural infrastructure (irrigation and crop storage) and create 2,000 new jobs at on-farm and off-farm level.
  • Nigeria - $100 million: Support for Malaria Elimination Project. The project’s objective is to improve the delivery and uptake of malaria prevention and treatment activities in selected states to achieve at least 80% universal coverage of vector control, Seasonal Malaria Chemoprophylaxis (SMC), and case management in the public sector of 13 states in Nigeria. It is anticipated that during the period of the project implementation, the overall burden of malaria in the country will reduce from current figures of 27% to less than 15%.
  • “Unlocking Energy Access Finance through crowdfunding” Project- $1.11 million (1 million Euros).

His Excellency Dr. Bandar Hajjar, President, IsDB, commented, “The Islamic Development Bank pays significant attention to projects that will create decent jobs, promote health and sanitation, as well as an enabling environment for the proliferation of technological advancement that will transform the economies of our member countries. We are keen to ensure self-sufficiency in food production. This is part of the strategies for the realization of the 2030 agenda for sustainable development.”