IsDB Approves $717M for Member States' Development Projects

Children attend a class in Bangladesh. The Islamic Development Bank has approved an assistance package worth $198 million for education and energy projects in the country. Photo by: Melanie Ko / CC BY

The Islamic Development Bank has approved $717 million worth of financing for energy, education and water projects in several of its member countries.

The approved assistance package includes $198 million for education and energy projects in Bangladesh, $191 million for water projects in Bahrain, $95 million to support power production in Senegal, and $75 million for an Islamic bank in Turkey, Bloomberg reports, citing a statement from the bank.

IsDB has also approved grants for Muslim communities in Brazil, China, Ethiopia, Burundi and other non-member countries, Bloomberg says.

Meanwhile, the bank and Mozambique are reportedly set to sign three loan agreements worth $30 million, the news agency says, citing a Mozambique-based newspaper. The money will be used for the construction of water and sanitation facilities, roads and schools.

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About the author

  • 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.