Nigeria, 8 Member Countries to Benefit from Approved IsDB $1.12bn Dev. Fund

The board of executive directors of the Islamic Development Bank (IsDB), which has its headquarters in Saudi Arabia, approved $1.12 billion in financing for development projects across nine of its member countries as well as a $1.79 million grant for a number of other projects in important fields like food security, health, transport, energy, urban development, education, water and sanitation.

In addition, two public-private partnership (PPP) projects for Uganda and Uzbekistan were approved by the bank’s board, according to a report from WAM, the official news agency of the United Arab Emirates.

Included in this is the EUR100 million Surkhandarya Combined Cycle Power Plant Project for Uzbekistan, which intends to address the nation’s rising energy needs and replace its fleet of outdated and ineffective gas-fired thermal power plants.

The financing of $100 million, which is a portion of the Islamic tranche, will allow Uganda to access its oil reserves and export oil to foreign markets via a 1,443-kilometer cross-border pipeline for buried-heated crude oil.

The bank granted sovereign funding of $601.7 million for transport projects in Guyana ($200 million), Uzbekistan ($106.7 million), and Uganda ($295 million). These initiatives are anticipated to strengthen regional integration and tourism for the participating nations, improve market access for farmers and traders, and improve access to markets for these groups of people.

The strengthening of the National Referral Hospital on Oncology Center for the Republic of Indonesia was given sovereign financing of EUR205 million. The project intends to enhance the availability, accessibility, quality, and delivery of oncology care for both children and adults by modernizing six national referral hospitals across the nation.

The debt restructuring of Queen Alia International Airport in Jordan and the modification of the mode financing of the approved instalment sale finance to Commodity Murabaha for the 300-bed hospital project in Kaduna State, Nigeria, were two other significant proposals that were accepted.

The board approved funds totaling $1 million to help Yemen’s major economic trade sectors be ready for market entry. The existing gaps in the chosen trade sectors will be addressed by this initiative.

Additionally, a funding package of $785k was authorized for initiatives in Zambia, India, and Bosnia. Due to the increasing demand from students, these monies will mostly be used to expand school facilities.



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