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Saudi Arabia : Islamic Development Bank approves US $325 million projects for member countries

Publish Date : 17-Jul-2019

The Board of Executive Directors (BED) of Islamic Development Bank (IsDB) has approved several projects worth US $325 million for Burkina Faso, Kazakhstan, and Mozambique. The approvals also include a Technical Assistance Grant to Suriname and a Waqf (endowment) project through the Islamic Solidarity Fund for Development (ISFD) to Benin Republic.

The Board of Executive Directors (BED) of Islamic Development Bank (IsDB) has approved several projects worth US $325 million for Burkina Faso, Kazakhstan, and Mozambique. The approvals also include a Technical Assistance Grant to Suriname and a Waqf (endowment) project through the Islamic Solidarity Fund for Development (ISFD) to Benin Republic.

The BED gave the approval during its 331st Meeting in Jeddah, the headquarters of IsDB. Dr. Bandar Hajjar, President of IsDB chaired the meeting where he thanked member countries for their support in approving a capital increase for the bank during the Makkah Summit in the month of Ramadhan. The projects approved for financing are as follows:

- Kazakhstan (US $ 100 million); Big Almaty Ring Road Project: A Public Private Partnership (PPP) project which aims to reduce the traffic congestion in Almaty city and to create a by-pass for commercial vehicles. On completion, the project will play critical role in the regional integration of Central Asian economies.

- Burkina Faso (US $17.40 million); Food Security & Agriculture Project: The aim of the project is to reduce rural household poverty and food insecurity through increased irrigation, agricultural production, productivity and improve market access in Dangoumana areas beneficing 50,000 households.

- Mozambique (US $99.7 million); Temane Transmission Project: The Project will contribute to the economic growth of Mozambique by providing sustainable electricity supply required by the national development and to contribute to increasing overall access rate to electricity from 27% in 2018 to 100% by 2030.

- Pakistan (US $100 million); Polio Eradication Program (Phase-III): The aim of the project is to support countrywide mass polio vaccination campaigns targeting more than 39 million children below five years of age. (US $10 million out of the US $100 million is a grant from the Lives and Livelihoods Fund-LLF).

- Suriname (US $ 2.20 million): Technical Assistance grant to produce a feasibility study and a detailed architectural and engineering design for the new hospital to be constructed in Premises of the Academic Hospital in Suriname.

- Benin (US $ 6.00 million); Project aims to construct a Waqf of 9-storey commercial buildings on land provided by government of Benin to the ISFD in Cotonou, Benin.

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