IsDB OKs USD772M Development Funding

Schoolgirls depart from their classes Juba, Southern Sudan. The Islamic Development Bank is providing funding to aid the health and education sectors in Sudan. Photo by: Stein Ove Korneliussen / CC BY Stein Ove KorneliussenCC BY

The Islamic Development Bank has approved USD772.3 million in financing for new development projects.

The financing will benefit nine IsDB member countries, namely Indonesia, Uzbekistan, Bangladesh, Pakistan, Sudan, Turkmenistan, Gambia, Mauritania and Albania. 

The financing also includes technical assistance grants to Benin, Chad, Togo and the Gulf Cooperation Council, and grants and concessional loans to Sudan. 

Health and education projects in IsDB nonmember countries including Congo, Fiji, India and South Africa will also benefit from the funding.

The biggest portion of the amount worth USD167.2 million will be used for the reconstruction of the M39 road in Uzbekistan’s Surkhandarya region. The next two biggest allocations will go toward building a bridge in Bangladesh, which is valued at USD140 million, and supporting community development in Indonesia, which gains USD136 million from IsDB. 

About the author

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    Ma. Rizza Leonzon

    As a former staff writer, Rizza focused mainly on business coverage, including key donors such as the Asian Development Bank and AusAID.