IsDB okays $418m to boost clean energy, food security in Africa, others

The Islamic Development Bank (IsDB) has approved an estimated $418 million to fund new development projects in member countries.

In a statement on Saturday the bank disclosed that its board, chaired by IsDB’s President, Dr Muhammad Al Jasser, approved four projects during its 355th meeting that focused on socio-economic development and sustainability.

The meeting was held over the weekend in Riyadh, Kingdom of Saudi Arabia, on the first day of the 2024 IsDB Group Annual Meetings and the golden jubilee of the bank.

The statement reads in part: “Tajikistan received $150m for the construction of the Rogun Hydropower Plant Project’s Lot-4 (Left Bank Structures).

“The project aims to provide clean, affordable and reliable renewable electricity to meet the country’s growing domestic demand, enhance energy security, and commercialize it through the regional power market.

“Similarly, the IsDB board also approved €60.57m for the Root and Tuber/Regional Cassava Value Chains Development Project in Benin. Côte d’Ivoire secured €70.46m in financing for its Root and Tuber/Regional Cassava Value Chains Development Project. The board also approved €120m for the Türkiye Nakkas-Basaksehir Motorway Project, a subsection of the larger North Marmara Motorway government initiative.”

The IsDB explained that the main project was targeted to provide an alternative Bosphorus crossing, significantly reducing traffic congestion, travel times and greenhouse gas emissions.