The Islamic Development Bank’s Board of Executive Directors, chaired by its President, Dr. Muhammad Al Jasser, has approved $575.63 million in financing to foster education, energy, regional and international connectivity as well as job creation and food security in Africa and Central Asia.
The approvals will contribute to the achievement of the Sustainable Development Goals (SDGs), in line with the national development plans and priorities of the recipient member countries.
According to an IDB statement, the Board of Executive Directors approved financing for two energy and connectivity projects in Guinea; two education projects in Kyrgyzstan and Uzbekistan; a transport connectivity project in Kazakhstan; an agri-food MSMEs project in Tunisia; and a rural electrification project in Benin.
“This round of financing approvals represents a milestone in the history of our institution as our annual development approvals have exceeded $5 billion,” said Al Jasser.
He stated that the approvals include the Guinea-Senegal Road Corridor Construction Project which will receive 140 million euros in financing to strengthen Guinea's connectivity with Senegal.
The project will enhance livelihoods by facilitating efficient market and service access, improving roads, lowering transport costs, boosting agriculture, and elevating regional economic integration across West Africa.
Additionally, IsDB approved $80 million in financing for the construction of a 40 MW Thermal Power Plant in Kankan, the second largest city in Guinea, aiming to extend the electricity distribution grid to enhance people’s lives by improving the stability and reliability of electricity supply.
