IsDB injects funds into development projects anew

Islamic Development Bank headquarters. IsDB has approved $752 million in financing for development projects in several member states and for Muslim communities elsewhere. Photo by: Ammar Shaker

The Islamic Development Bank has approved $752 million in financing for development projects in several member states and for Muslim communities elsewhere.

The financing package was approved Nov. 13 at an IsDB board meeting in Jeddah, Saudi Arabia. It includes the $227 million the bank pledged to contribute to polio eradication campaigns in Pakistan.

The package further includes:

  • $250 million for a power plant project in Egypt.

  • $61 million for the modernization of the North Dakar Expressway in Senegal.

  • $20 million for efforts to link small-scale farmers to markets in Sierra Leone.

  • $20.3 million for rainwater harvesting initiatives in Sudan’s White Nile, South Kordofan, Darfur and Sinnar states.

  • $16.8 million for the enhancement of cardiology services in Bouake, Ivory Coast.

  • $6 million for a sustainable villages program and $1 million for road construction in Kyrgyzstan.

IsDB board members also approved a series of grants for education programs in Muslim communities around the world as part of the financing package.

This package is at least the fourth IsDB passed this year for development projects in predominantly Muslim countries. In July, the board approved its largest ever financing package at nearly $1.2 billion, which is mostly for energy projects in five countries. On the same month, IsDB signed a $1 billion loan agreement with Egypt, while in March it injected $52 million into infrastructure and social services projects in Gaza.

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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.

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