Home » IsDB board approves $403 million projects to promote sustainability and socio-economic growth

IsDB board approves $403 million projects to promote sustainability and socio-economic growth

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The Islamic Development Bank (IsDB) Board of Executive Directors has approved three sustainable development projects worth approximately US$ 403 million. These projects will support socio-economic development and promote sustainability in key sectors such as energy, education, and transport in member countries. The 350th meeting of the IsDB Board was chaired by IsDB President and Group Chairman, Dr. Muhammad Al Jasser, and held in Jeddah, Kingdom of Saudi Arabia.

IsDB board approves $403 million projects to promote sustainability and socio-economic growth

The largest of the approved projects is IsDB’s financing of EUR 318 million (US$ 344.5 million) towards Phase I of the Electric Express Train Project in the Arab Republic of Egypt. This project aims to provide access to safe, affordable, accessible, and sustainable transport systems for all by developing a 660km sustainable, green, and climate-resilient electric express railway system. The project is expected to benefit 25 million people annually and decrease Green House Gas (GHG) emissions by approximately 250,000 tons of CO2 annually.

Another approved project is the Central Asia South Asia Electricity Transmission and Trade Project (CASA-1000) in the Republic of Kyrgyzstan, for which an additional financing of US$ 13 million has been approved. The project aims to meet the electricity demand in Afghanistan and Pakistan through cross-border energy exchange among four IsDB member countries. It 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 third approved project is the IsDB/ISFD/GPE/OFID Project for Support to Implementation of the National Education Development Strategy of Tajikistan (Phase II), with IsDB’s financing contribution of US$ 35 million and ISFD’s contribution of US$ 10 million. This project aims to improve the learning environment and facilitate system strengthening for the country’s sustainable implementation of an inclusive, competency-based education system.

Additionally, the IsDB Board members discussed emergency grant funding to provide support to Turkey and Syria in the aftermath of devastating earthquakes that struck both countries. They also reviewed the progress report of the IsDB Group Food Security Response Program (FSRP), aimed at supporting member countries in averting the ongoing food crisis and strengthening their resilience to future food security shocks.

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