Islamic Development Bank Board approves over US$1.2 billion support for nine African countries
Jeddah, Saudi Arabia: The Board of Executive Directors of the Islamic Development Bank (IsDB) has approved over US$1.2 billion support packages for nine African countries.
The support was part of the more than US$ 3 billion financing arrangement for 20 socio-economic development projects across 17 member countries of the Bank.
The approvals came during the 357th IsDB Board meeting chaired by IsDB President, Dr. Muhammad Al Jasser, on October 14, 2024.
The projects focus on advancing socio-economic development as well as promoting resilience and sustainability in key sectors such as transport, energy, agriculture, water resources, food security, health, and social development.
The African beneficiaries included Cameroon (US$ 176.3 million); Comoros (US$ 15.00 million); Sierra Leone (US$ 72.29 million); The Gambia (US$ 40.00 million); Côte d’Ivoire (US$ 294.7 million); and Morocco (US$ 472.92 million).
The remaining countries are Mozambique (US$ 19.80 million), Togo (US$ 60.30 million), and Senegal (US$ 70.96 million).
Reiterating IsDB’s continued commitment to spearheading resilience and sustainable economic growth, Dr. Al Jasser noted the importance of the approved projects and the major role they would play in creating significant positive impacts on infrastructure, fostering regional economic integration, and improving resource management in line with the national development priorities of the Bank’s member countries.
Other beneficiaries include Kazakhstan, Jordan, Kyrgyzstan, Azerbaijan, the Maldives, Pakistan, Uzbekistan, and Türkiye.
Furthermore, the IsDB Board approved a US$ 10 million grant operation contribution to the Health Impact Platform in partnership with the World Health Organisation, thus joining efforts with partners towards improving global health outcomes.
These structuring and transformational projects come at a crucial phase of IsDB’s strategy to ramp up its financing, harness strategic partnerships, and promote sustainable development and inclusive growth as a springboard for equity and shared prosperity in its member countries.
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