RIYADH (BERNAMA) – The Islamic Development Bank (IsDB) has approved approximately USD418 million to fund new development projects in member countries.
The board, chaired by IsDB president Dr Muhammad Al Jasser, approved four projects during its 355th meeting, focusing on socio-economic development and sustainability on Saturday in Riyadh, Saudi Arabia.
“Tajikistan received USD150 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 commercialise it through the regional power market,” he said in a statement today.
Muhammad Al Jasser also said that the IsDB board approved EUR60.57 million for the root and tuber/regional cassava value chains development project in Benin, Africa. 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 EUR70.46 million in financing for its root and tuber/regional cassava value chains development project, which also seeks to boost food security, economic growth, and household incomes through improvement in 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 EUR120 million for the Turkiye Nakkas-Basaksehir Motorway project, a subsection of the larger North Marmara Motorway government initiative.
