Jeddah, Kingdom of Saudi Arabia, 9 September 2023 - The Islamic Development Bank (IsDB) Board of Executive Directors has approved a total of US $800 million during its 352nd meeting in Jeddah, Kingdom of Saudi Arabia, to finance critical projects to contribute in the development agenda of its member countries, improve the living conditions of its population and to enhance the attainment of the Sustainable Development Goals (SDGs).
In his report to the Board, the IsDB President and Chairman of the Board of Executive Directors, HE Dr. Muhammad Al Jasser, expressed optimism that the approved projects in key sectors such as energy, education, health, and transportation will ameliorate the socio-economic challenges of the population in IsDB member countries, especially those in vulnerable communities and will also accelerate the drive to achieve significant targets of the SDGs. He said the Bank had made an emergency intervention to support the most vulnerable people affected by the conflict in Sudan. "The IsDB and ISFD contributions will deliver a multi-sectoral emergency response and provide life-saving support to approximately 125,000 people affected by the sudden outbreak of conflict in Sudan." Dr. Al Jasser emphasized.
The financing of the projects is geared toward contributing to the development agenda and improving the living conditions of the population in IsDB member countries in line with the Realigned Strategic Goals of the IsDB Group's revamped and unwavering commitment to supporting its member countries in their pursuit of prosperity and resilience, particularly during these challenging times. Key among the approved projects are the IsDB's contribution of EUR 182.26 million to the Republic of Cote d'Ivoire and EUR 40.25 million to the Republic of Senegal to improve transportation in the region; the US$ 40 million and EUR 48.05 million to finance two projects related to improving the water, sanitation and health sectors in the Republic of Guinea; the EUR 46.57 million to Islamic Republic of Mauritania, and a US$ 19.8 million to the Republic of Mozambique to promote quality education in those countries.
Additionally, the Board approved US$ 200 million to the Kingdom of Bahrain and EUR 61.9 million to the Federal Republic of Nigeria to boost electricity transmission and innovation in the energy and IT sectors; EUR 128.17 million to the Republic of Togo to strengthen environmental structures and US$ 1.5 million to the Republic of Sudan support the most vulnerable people affected by the conflict in Sudan. And a US$ 5.46 million IsDB and ISFD contribution to reduce food insecurity in member countries affected by fragilities and conflict through the Tadamon Accelerator for Food Security Response Program.
Dr. Al Jasser described the approved projects by the Board, especially in promoting education and improving health, energy and IT sectors, as transformative and said they would significantly impact the attainment of the SDGs' objectives.
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About the Islamic Development Bank:
The Islamic Development Bank (IsDB) is a multilateral development bank that aims to foster socio-economic progress in its member countries and Muslim communities worldwide. Guided by the principles of Islamic finance, the IsDB provides project financing, technical expertise, and capacity building initiatives to support sustainable development and improve the quality of life for people in its member countries. With 57 member countries, the IsDB is committed to addressing development challenges and promoting collaboration to achieve the United Nations Sustainable Development Goals (SDGs).
For more information, please visit ( www.isdb.org)
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