(MENAFN- Trend News Agency) RIYADH, Saudi Arabia, April 27. The IslamicDevelopment Bank (IsDB) has approved approximately US$418 millionto fund new development projects in member countries, Trend reports.
The board, chaired by IsDB President H.E. Dr. Muhammad AlJasser, approved four
projects during its 355th meeting that focus on socio-economicdevelopment and
sustainability.
The meeting was held in Riyadh, Kingdom of Saudi Arabia, on thefirst day of the 2024 IsDB Group Annual Meetings and the GoldenJubilee marking the 50th Anniversary of the Bank.
Tajikistan received US$150 million for the construction of theRogun Hydropower Plant
Project's Lot-4 (Left Bank Structures). The project aims to provideclean, affordable, and reliable renewable electricity to meet thecountry's growing domestic demand, enhance energy security, andcommercialize it through the regional power market.
The board also approved EUR120 million for the TürkiyeNakkas-Basaksehir Motorway
Project, a subsection of the larger North Marmara Motorwaygovernment initiative.
The main project aims to provide an alternative Bosphoruscrossing, significantly reducing traffic congestion, travel times,and greenhouse gas emissions.
The IsDB board approved EUR60.57 million for the Root andTuber/Regional Cassava
Value Chains Development Project in Benin.
The project aims to improve food security, economic growth, andhousehold income through better production, processing, marketing,and private sector involvement in the cassava, sweet potato, andyam value
chains.
Similarly, Côte d'Ivoire secured EUR70.46 million in financingfor its Root and
Tuber/Regional Cassava Value Chains Development Project. Thisproject seeks to boost food security, economic growth, andhousehold incomes through improved cassava production, processing,marketing, and private sector participation. It also aims to createemployment opportunities, particularly for women and youth, anddevelop national and regional trade.
The Islamic Development Bank Group (IsDB) is holding its 2024Annual Meetings and Golden Jubilee in Riyadh from April 27-30,under the Royal Patronage of the Custodian of Two Holy Mosques,King Salman Bin Abdulaziz Al-Saud.
The 2024 Annual Meetings are being held under the theme of“Cherishing our Past, Charting our Future: Originality, Solidarityand Prosperity”, which marks IsDB's 50 years of fosteringsocio-economic development in its member countries.
Among other topics, the meetings will also feature roundtable onCOP29 with participation of Azerbaijani governmentrepresentatives.
As the premier South-South multilateral development Bank, the2024 IsDB Group Annual Meetings and Golden Jubilee are expected toattract international and regional attention. The Annual Meetingswill feature a series of side events with top-level panelists fromgovernment, international and regional organizations, the privatesector, academia, and civil society.
Ministers of Economy, Planning, and Finance from IsDB's 57member countries will participate in the event, along withrepresentatives of international and regional financialinstitutions, Islamic banks, private sector companies, national andinternational development finance institutions, international andregional organizations, NGOs, chambers of commerce & Industry, andbusiness councils.
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