The Islamic Development Bank (IsDB) has announced the approval of approximately $418 million to fund new development projects in Tajikistan, Benin, Cote ‘d Ivoire, and Turkey.
The board approved four projects focusing on socio-economic development and sustainability during IsDB’s 355th meeting, which is chaired by its President Dr. Muhammad Al Jasser
This meeting took place today in Riyadh, Kingdom of Saudi Arabia, coinciding with the first day of the 2024 IsDB Group Annual Meetings and the Golden Jubilee marking the Bank’s 50th Anniversary.
Tajikistan received $150 million for the construction of the Rogun Hydropower Plant Project’s Lot-4 (Left Bank Structures). The project aims to provide clean, affordable, and reliable renewable electricity to meet the country’s growing domestic demand, enhance energy security, and commercialize it through the regional power market.
The IsDB board approved $64 million (EUR60.57 million) for the Root and Tuber/Regional Cassava Value Chains Development Project in Benin. The project aims to improve food security, economic growth, and household income through better production, processing, marketing, and private sector involvement in the cassava, sweet potato, and yam value chains.
Similarly, Côte d’Ivoire secured $84 million (EUR70.46 million) in financing for its Root and Tuber/Regional Cassava Value Chains Development Project. This project seeks to boost food security, economic growth, and household incomes through improved cassava production, processing, marketing, and private sector participation. It also aims to create employment opportunities, particularly for women and youth, and develop national and regional trade.
The board also approved $128 million (EUR120 million) for the Türkiye Nakkas-Basaksehir Motorway Project, a subsection of the larger North Marmara Motorway government initiative. The main project aims to provide an alternative Bosphorus crossing, significantly reducing traffic congestion, travel times, and greenhouse gas emissions.
According to the statement, “The Islamic Development Bank Group has always reaffirmed its commitment to supporting member countries’ pursuit of prosperity and achieving their Sustainable Development Goals, while also strengthening their resilience to future development obstacles.”
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