IsDB Approves USD 368.98 Million for Development Projects in Türkiye, Turkmenistan, and Suriname

Jeddah, Saudi Arabia, 29th June 2024 – The Board of Executive Directors of the Islamic Development Bank (IsDB), today, approved USD 368.98   Million to finance new development projects in member countries.

Chaired by IsDB Group Chairman, H.E. Dr. Muhammad Al Jasser, the 356th board meeting approved  projects in Türkiye , Turkmenistan, and Suriname.

These strategic projects aim to foster sustainable development and socio-economic growth across its member countries.

In his remarks, the IsDB President highlighted the significance of the approved projects, and their transformative impacts on improving transportation, health, education, and energy.

To support Türkiye's rapid delivery of inclusive, equitable, and quality education, the IsDB has allocated USD 165.0 million for the construction and operationalization of green, resilient, and sustainable schools in earthquake-affected and earthquake-prone areas. This initiative will construct 33 schools, adding 808 classrooms, benefiting 24,640 students annually, and enhancing disaster resilience for over 319,206 people.

Suriname will  benefit in its power transmission and distribution network with IsDB funding of USD 47.68 million. This project aims to eliminate bottlenecks, increase capacity, and improve system performance. It will connect 4,350 new households and 470 commercial units to the grid, thus meeting the increasing national electricity demand and ensuring a more reliable power supply.

With IsDB financing of USD 156.3 million, Turkmenistan will enhance access to high-quality oncology services through the construction of three oncology centers and the training of healthcare providers. The project will increase daily in-patient services by 33% and improve cancer treatment for 11,750 patients annually, significantly reducing cancer incidence and mortality rates.

Furthermore, the IsDB Board reviewed several reports, including a report on the Corporate Evaluation of IsDB Group Decentralization Experience, and a Report on Share of IsDB Group Capital Increase.

The Islamic Development Bank remains committed to supporting its member countries in achieving sustainable development and economic growth through these strategic projects. These investments not only address immediate needs but also lay the foundation for long-term resilience and prosperity.