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IsDB Allocates $368.98 Million for Development Projects in Türkiye, Turkmenistan, and Suriname

IsDB Allocates $368.98 Million for Development Projects in Türkiye, Turkmenistan, and Suriname
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IsDB Allocates $368.98 Million for Development Projects in Türkiye, Turkmenistan, and Suriname

IsDB Allocates $368.98 Million for Development Projects in Türkiye, Turkmenistan, and Suriname

The Islamic Development Bank's (IsDB) Board of Executive Directors approved the allocation of $368.98 million for new development projects in several member countries.

In its 356th regular meeting held on Saturday, chaired by IsDB Chairman Dr. Muhammad Al Jasser, the Board approved funding for development projects in Türkiye, Turkmenistan, and Suriname.

These strategic projects aim to boost sustainable development and socio-economic growth in the member countries.

Al Jasser emphasized the importance of the approved projects and their transformative impacts on improving sectors such as transportation, health, education, and energy in the targeted countries.

The IsDB allocated $165 million for constructing schools in Türkiye following the devastating 2023 earthquakes. This initiative will involve the construction of 33 schools and the addition of 808 classrooms, benefiting 24,640 students annually and bolstering resilience for over 319,206 individuals against disasters.

Suriname will benefit from $47.68 million for a project to expand electricity transmission and distribution systems in the country.

The project aims to strengthen electricity supply capacity and efficiency by increasing overall capacity and enhancing system performance. It will meet growing national electricity demand, ensure a more reliable energy supply, and facilitate the connection of 4,350 new homes and 470 new commercial units.

Turkmenistan will boost access to high-quality cancer treatment services with $156.3 million in funding from the IsDB.

The project includes constructing three cancer treatment centers and training healthcare providers. It aims to increase daily inpatient services by 33% and improve cancer treatment for 11,750 patients annually, significantly reducing cancer incidence and mortality rates.

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Inflation Rose to 2.3% in Europe. That Won't Stop the Central Bank from Cutting Interest Rates

A view shows the Bercy Economy and Finance Ministry as a metro operated by the Paris transport network RATP passes over the Pont de Bercy bridge in Paris, France, November 28, 2024. REUTERS/Stephanie Lecocq
A view shows the Bercy Economy and Finance Ministry as a metro operated by the Paris transport network RATP passes over the Pont de Bercy bridge in Paris, France, November 28, 2024. REUTERS/Stephanie Lecocq
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Inflation Rose to 2.3% in Europe. That Won't Stop the Central Bank from Cutting Interest Rates

A view shows the Bercy Economy and Finance Ministry as a metro operated by the Paris transport network RATP passes over the Pont de Bercy bridge in Paris, France, November 28, 2024. REUTERS/Stephanie Lecocq
A view shows the Bercy Economy and Finance Ministry as a metro operated by the Paris transport network RATP passes over the Pont de Bercy bridge in Paris, France, November 28, 2024. REUTERS/Stephanie Lecocq

Inflation in the 20 countries that use the euro currency rose in November — but that likely won’t stop the European Central Bank from cutting interest rates as the prospect of new US tariffs from the incoming Trump administration adds to the gloom over weak growth.
The European Union’s harmonized index of consumer prices stood up 2.3% in the year to November, up from 2.0% in October, the EU statistics agency Eurostat reported Friday.
Energy prices fell 1.9% from a year ago, but that was offset by price increases of 3.9% in the services sector, a broad category including haircuts, medical treatment, hotels and restaurants, and sports and entertainment, The Associated Press reported.
Inflation has come down a long way from the peak of 10.6% in October 2022 as the ECB quickly raised rates to cool off price rises. It then started cutting them in June as worries about growth came into sharper focus.
High central bank benchmark rates combat inflation by influencing borrowing costs throughout the economy. Higher rates make buying things on credit — whether a car, a house or a new factory — more expensive and thus reduce demand for goods and take pressure off prices. However, higher rates can also dampen growth.
Growth worries got new emphasis after surveys of purchasing managers compiled by S&P Global showed the eurozone economy was contracting in October. On top of that come concerns about how US trade policy under incoming President Donald Trump, including possible new tariffs, or import taxes on imported goods, might affect Europe’s export-dependent economy. Trump takes office Jan. 20.
The eurozone’s economic output is expected to grow 0.8% for all of this year and 1.3% next year, according to the European Commission’s most recent forecast.
All that has meant the discussion about the Dec. 12 ECB meeting has focused not on whether the Frankfurt-based bank’s rate council will cut rates, but by how much. Market discussion has included the possibility of a larger than usual half-point cut in the benchmark rate, currently 3.25%.
Inflation in Germany, the eurozone’s largest economy, held steady at 2.4%. That “will strengthen opposition against a 50 basis point cut,” said Carsten Brzeski, global chief of macro at ING bank, using financial jargon for a half-percentage-point cut.
The ECB sets interest rate policy for the European Union member countries that have joined the euro currency.