September 13

Islamic Development Bank Approves $1.12 Billion in Development Financing for Nine Member Countries

Saudi Arabia-headquartered Islamic Development Bank’s (IsDB) board of executive directors, approved a total of $1.12bn for development projects financing in various sectors across nine of its member countries as well as a $1.79m grant for a number of other projects in key sectors such as food security, health, transport, energy, urban development, education, water and sanitation.

The bank’s board also approved two projects under the public-private partnership (PPP) mechanism for Uzbekistan and Uganda, according to a report published by the UAE’s state news agency, WAM.

This includes the EUR100m Surkhandarya Combined Cycle Power Plant Project for Uzbekistan, which aims to meet the growing demand for the country’s energy consumption and substitute the ageing and inefficient fleet of gas-fired thermal power plants.

Photo courtesy of Edward Howell.

Source: Gulf Business (link opens in a new window)

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