The Executive Board of Directors of the Islamic Development Bank Group has approved a total of $800 million to finance vital projects aimed at improving living conditions for populations in member countries and promoting achievement of sustainable development goals.
Dr. Muhammad Al Jasser, President of the Islamic Development Bank and Chairman of the Board of Executive Directors, said during the Board's meeting in Jeddah that approved projects in key sectors such as energy, education, health and transportation will help mitigate socio-economic challenges faced by populations in IDB member countries, especially those living in fragile communities. These projects will also accelerate progress toward priority sustainable development goals.
He noted that the Bank has provided emergency support for vulnerable groups affected by conflict in Sudan. The Islamic Development Bank and Islamic Solidarity Fund for Development will contribute to response efforts across multiple sectors and provide lifesaving support for around 125,000 people affected by sudden conflict in Sudan, according to the Saudi Press Agency.
Dr. Al Jasser described approved projects focused on education enhancement, health sector improvements, energy, and information technology as a “turning point” that will catalyze positive social change and significantly impact sustainable development goal achievement.
The project funding aims to improve living conditions for populations in IDB member countries in line with realigned strategic objectives and the Bank's firm commitment to supporting member country efforts toward prosperity and resilience, especially during difficult times. Approved major projects include IDB contributions of €182.26 million to Cote d'Ivoire and €40.25 million to Senegal for transportation upgrades; $40 million and €48.05 million for water, sanitation and health projects in Guinea; €46.57 million for Mauritania; and $19.8 million for Mozambique to boost quality education.
The Bank also provided $200 million to Bahrain and €61.9 million to Nigeria to strengthen electricity transmission and innovation in energy and information technology. Funding of $1.5 million was allocated to support vulnerable people affected by conflict in Sudan, and €128.17 million to Togo for infrastructure improvements. The IDB and ISFD also set aside $5.46 million for food security in member countries affected by fragility and conflict through the Solidarity Program for Food Security Response.
