IsDB injects US $863 million of financing in to new development projects

Jeddah, Kingdom of Saudi Arabia, 27.12.2016 

The Board of Executive Directors of the Jeddah-based Islamic Development Bank (IsDB), in its 316^th meeting on Sunday, gave the final go ahead for injecting US $863 million in to new financing development projects in a number of member countries namely; Guinea, U.A.E, Bahrain, Morocco, Senegal, Togo, Djibouti, Chad, Jordan, and Mali.

The meeting also approved to a number of important programs including the proposed three year action plan (2017-2019) totaling US $16 billion. It further approved US $5.2 billion budget for the new fiscal year 2017 and reviewed the major components of the IsDB President’s program for the next five years.

The financing approvals included:

• US $208 million for construction of two regional integration roads: “the 151 kilometer Dabola-Kouroussa” and “the 116 kilometer Guekedou-Kissoudougou-Kondembradou” roads projects in Guinea

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• US $170 million for the “non-sovereign project financing participation in the Dewa 800 MW Photo-voltaic Solar Power Plant – Phase III” in Dubai, U.A.E
• US $105 million for “Aluminum Bahrain B.S.C (Alba) 1350 MW Power Plant (PS5) under Line 6 Expansion Project” in Bahrain
• US $94 million for the “Inclusive Rural Growth Project” in Morocco
• US $92.3 million for two projects in Senegal namely: “US $60.3 million for Development of National Islamic Microfinance Project- PROMISE” and “US $32 million for support to the Malaria Control and Elimination Project”
• US $91.5 million for “Rehabilitation of Avepozo-Aneho Road & Coastal Erosion Protection” in Togo
• US $60 million for contribution to establishment of the “General Hospital for the National Fund for Social Security Project” in Djibouti
• US $8 million for the “Solar Energy for Rural Development Project”, in Chad
• US $5 million for the “Solar Power Plant – King Hussein Cancer Center Expansion Project” in Jordan
• US $4 million for the “Solar Energy for Rural Development Project under Reverse Linkage” in Mali

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© Press Release 2016