IDB approves more than a half billion dollars for financing new development projects

JEDDAH: The Board of Executive Directors of the Islamic Development Bank (IDB) has approved financing of US$ 515.6 million to support various socio-economic development projects in member countries as well as Muslim communities in non-member countries.

The approvals are mainly in the energy sector, with a total of US$ 490 million broken down as: US$ 220 million for the Jamshoro Coal Power Plant Project in Pakistan; US$ 90 million for the Safi Coal Independent Power Plant Project in Morocco; US$ 83.4 million for the Regional Electricity Interconnection Project in Senegal; US$ 60 million Expansion of the Noukchott Dual Fuel Power Plant Project in Mauritania and US$ 36.02 million for Rural Electrification Project Phase II in Cameroon.

The education sector received US$ 17.8 million of which US$ 7.5 million is for the Support Bilingual Primary Education Project in Burkina Faso and US$ 10.27 million for Reforming the Technical and Vocational Education and Training Project in Suriname.

In the transport sector, the board approved a US$ 6 million technical assistance loan to the Republic of Niger for preparation of the Development of the Regional Railway Loop connecting four IDB member countries, Niger, Cote d’Ivoire, Benin and Burkina Faso.

Amongst other approvals was a US$ 1 million emergency assistance from IDB’s Waqf Fund for refugees from the Central African Republic in neighbouring countries.

The board also approved US$ 780,000 as a grant in the framework of Special Assistance Operations under the IDB Waqf Fund to Muslim Communities in non-member countries for four educational projects in Bosnia and Herzegovina, Burundi, India and Malawi.

SOURCE: WAM