RIYADH: People in member countries of the Islamic Development Bank can expect better living conditions, with the financial institution allocating $800 million to finance vital projects in these regions.
During the board meeting in Jeddah, Mohammed Al-Jasser, the bank chairman, explained that the approved projects will cater to various sectors, including energy, education, health and transportation, reported the Saudi Press Agency.
The project financing aligns with the strategic objectives and the IsDB Group’s commitment to supporting member countries in their pursuit of prosperity and resilience.
Al-Jasser clarified that in addition to promoting the achievement of sustainable development goals, this move will also contribute to alleviating the effects of the social and economic challenges faced by the population in the member countries of the IsDB Group, especially for those living in vulnerable communities.
Moreover, these projects are also projected to accelerate further the achievement of priority goals within the sustainable development goals, the chairman said.
Al-Jasser described the projects approved by the council as representing a “turning point” that will shift society for the better and have a considerable impact on achieving the SDGs.
He continued that the bank made an emergency intervention to support the most vulnerable segments affected by the conflict in Sudan.
This step ascertained that the IsDB Group and the Islamic Solidarity Fund for Development will contribute to responding to emergencies in many sectors while providing life-saving support to about 125,000 people affected by the sudden outbreak of conflict in the African country.
In May, the Saudi Press Agency reported that the group signed 77 financing agreements worth $1.44 billion with 24 member countries as it concluded its annual meeting in Jeddah.
Last September, the lender approved two energy sector public-private partnership projects for Uzbekistan and Uganda.
This outlay was part of the prevalent approach of using the public-private partnership financing model to attract investments and accelerate economic growth.
The $101 million Surkhandarya Combined Cycle Power Plant Project in Uzbekistan is financed by the IsDB Group and is expected to meet the country’s energy consumption demand.