IsDB Approves $511M for Member States' Development Projects

The Islamic Development Bank’s board of directors has approved approximately $511 million worth of grants and loans for aid projects in several of the bank’s member countries.

The approved funding includes $222 million for the construction of a road in Albania, $108 million for a schools development initiative in Turkey, and $95 million for the construction of grain storage units in Pakistan, Bloomberg reports.

The bank is also investing $250 million in poverty alleviation and job generation efforts targeting the youth in several Arab countries. 

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    Ivy Mungcal

    As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.