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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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National Minerals Program Propels Saudi Arabia’s Global Mining Footprint

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT
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National Minerals Program Propels Saudi Arabia’s Global Mining Footprint

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT

The National Minerals Program, recently approved by the Saudi Cabinet, represents a cornerstone of the Kingdom’s strategy to strengthen its position on the global mining map and respond to economic transformations that have made minerals essential for modern industries.

Managed by the Ministry of Industry and Mineral Resources, the program seeks to establish an integrated system that bridges supply chain gaps and standardizes governance and coordination across relevant entities, the Saudi Press Agency said on Thursday.

It aims to ensure the sustainability of mineral raw material supplies, reduce risks associated with foreign mining investments, enhance the efficiency and quality of existing and future supply chains, and secure the Kingdom’s strategic mineral needs.

The program responds to rapid global changes that have challenged supply chains, from the impacts of the COVID-19 pandemic to geopolitical tensions, making the securing of critical minerals a top priority for industrial economies and a prerequisite for sustaining clean energy, digital technologies, and AI industries.

Saudi Arabia leverages significant competitive advantages, with untapped mineral resources valued at approximately SAR9.3 trillion. The Kingdom also aims to raise the share of renewable energy in electricity generation to 50% by 2030, enhancing the competitiveness and sustainability of local mineral processing investments.

Business

Dollar Recovers as Central Bank Decisions Loom, Markets Turn Risk-off

US dollar banknotes (Reuters)
US dollar banknotes (Reuters)
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Dollar Recovers as Central Bank Decisions Loom, Markets Turn Risk-off

US dollar banknotes (Reuters)
US dollar banknotes (Reuters)

The dollar climbed to a two-week high on Thursday as fresh volatility gripped stocks and precious metals, while traders counted down to rate decisions from the European Central Bank and the Bank of England.

The US dollar index, which measures the greenback's strength against a basket of six currencies, was last up 0.1% at 97.762, extending gains into a second day.

"There’s a bit of risk aversion coming through," said Sim Moh Siong, currency strategist at OCBC in Singapore. "When there's risk aversion, the dollar tends to strengthen."

The dollar has regained some strength this week and stocks turned risk-off as financial markets assess US corporate earnings season, now halfway complete, Reuters said.

Gold and silver, which have become more volatile recently as a ‌result of leveraged ‌buying and speculative flows, were rocked by a fresh selloff on ‌Thursday, ⁠which saw silver ‌falling as much as 16.6% to a low of $73.41.

The Nasdaq Composite has fallen 2.9% during the past two days, its biggest slide since October, with volatility triggered by market bellwethers including Google parent Alphabet , which reported aggressive spending plans on Wednesday, and a rout in software stocks as they adapt to a new era of generative AI.

Against the yen, the US dollar was trading at 156.81 yen, holding steady after an auction of 30-year Japanese government bonds drew solid demand, while Japan's election campaign entered its final stretch ahead of Sunday's poll.

The euro ⁠was last down 0.2% at $1.1790 ahead of the ECB decision, where it is expected to keep rates on hold. Investors' attention will be ‌focused on the post-policy press conference to gauge the outlook for ‍rates over the coming months.

"The emphasis will likely ‍be on higher uncertainty," with only minor tweaks in communication, according to analysts from Bank of America, ‍who expect the ECB to hold rates later in the day. "Our conviction in a March cut is not rock solid, but we remain convinced of an easing bias from here."

The British pound was last down 0.2% at $1.3621 ahead of the BoE's policy decision, at which it is also expected to remain on hold.

As the Asian trading session began, Federal Reserve Governor Lisa Cook said in a speech she is more concerned about stalled progress on inflation than a weakening labor market, a strong signal that she will ⁠not support another interest-rate cut until tariff-induced price pressures begin to recede.

Fed funds futures are pricing an implied 88% probability that the US central bank will hold rates at its next two-day meeting ending on March 18, though bets on a rate cut edged up to 12% from 9.4% a day earlier, according to the CME Group's FedWatch tool.

Against the offshore yuan, the US dollar was last flat at 6.9439 yuan following a phone call between US President Donald Trump and Chinese counterpart Xi Jinping in which they discussed trade, security issues and US arms sales to Taiwan.

Antipodean currencies, which often mirror global risk appetite, saw their strength fade during the trading session as investor confidence dimmed.

The Australian dollar fell 0.4% to $0.6968, giving up earlier gains following the release of trade balance data which was a little ahead of market estimates. The New Zealand dollar was last down ‌0.3% at $0.5986.

Cryptocurrencies extended losses after a selloff, which saw digital assets fall to the lowest since November 2024, with bitcoin tumbling as much as 3.54% to $70,052.48, and ether off 1.3% at $2,098.44.

Business

Gold, Silver Plunge on Firm Dollar, Broad Market Selloff

Silver bars weighing 500 grams are displayed at the Austrian Gold and Silver Refinery (Oegussa) in Vienna, Austria, on February 3, 2026. (Photo by GEORG HOCHMUTH / APA / AFP) / Austria OUT
Silver bars weighing 500 grams are displayed at the Austrian Gold and Silver Refinery (Oegussa) in Vienna, Austria, on February 3, 2026. (Photo by GEORG HOCHMUTH / APA / AFP) / Austria OUT
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Gold, Silver Plunge on Firm Dollar, Broad Market Selloff

Silver bars weighing 500 grams are displayed at the Austrian Gold and Silver Refinery (Oegussa) in Vienna, Austria, on February 3, 2026. (Photo by GEORG HOCHMUTH / APA / AFP) / Austria OUT
Silver bars weighing 500 grams are displayed at the Austrian Gold and Silver Refinery (Oegussa) in Vienna, Austria, on February 3, 2026. (Photo by GEORG HOCHMUTH / APA / AFP) / Austria OUT

Gold and silver prices fell sharply in a broader market selloff on Thursday, as an advance in the dollar to a near two-week high and signs of easing US-China trade tensions added further pressure on the precious metals. Spot gold declined 2.5% at $4,838.81 per ounce, as of 0535 GMT, retreating from a near one-week high hit earlier ‌in the session. US gold ‌futures for April delivery dropped 1.9% ‌to $4,855.60 ⁠per ounce.

"The ‌dollar received a new lease of life with the (Kevin) Warsh nomination (as Federal Reserve chief), and the currency has been able to keep making forward progress ... traders are more circumspect now on gold in light of recent extreme volatility," Tim Waterer, KCM chief trade analyst, said.

The dollar rose to a near two-week high on Thursday, making greenback-priced gold more expensive ⁠for other currency holders.

"Sentiment (has) turned soggy across most asset classes, including precious metals, cryptocurrencies and regional equities, ‌with losses feeding into one another ‍and creating a self-reinforcing feedback loop ‍amid thin market liquidity," said Christopher Wong, a strategist at OCBC.

Asia ‍stocks faltered, tracking their US peers as concerns about the exploding costs of AI investment hounded the tech sector. Spot silver plummeted 14.9% to $74.94 an ounce. Last week, the precious metal touched a record high of $121.64.

"The industrial demand has vanished at the higher levels. Most of the industrial buyers have stopped buying silver, and even solar panel producers ⁠in China are looking for alternatives," Shah added. On the geopolitical front, Iran and the US have agreed to hold talks in Oman on Friday, officials on both sides said. China is considering buying more US-farmed soybeans, US President Donald Trump said after what he called "very positive" talks with his Chinese counterpart Xi Jinping on Wednesday.

"If you remove geopolitical tensions and the de-dollarization trend for the time being ... the metals have little room to run," said Kunal Shah, head of research at Nirmal Bang Commodities in Mumbai. Spot platinum slumped 8.7% to $2,033.35 per ounce after hitting ‌an all-time high of $2,918.80 on January 26, while palladium shed 5.8% to $1,672.00.