Jeddah: The Islamic Development Bank’s board of executive directors approved a total of $1.12 billion for development projects’ financing in various sectors in nine member countries, it was announced on Sunday.
The board also okayed a $1.79 million grant for a number of other projects including market access readiness in Yemen and special assistance grants to Muslim communities in three non-member countries.
The board also deliberated on the existing financing gaps in key energy infrastructure needs in some of the member countries and accordingly approved two projects under the Public Private Partnership (PPP) modality for Uzbekistan and Uganda.
The 100 million euro Surkhandarya Combined Cycle Power Plant Project for Uzbekistan is expected to meet the growing demand for the country’s energy consumption and substitute the aging and inefficient fleet of gas-fired thermal power plants.
The bank also approved a total of $601.7 million as sovereign financing in transport projects in Guyana ($200 million), Uzbekistan ($106.7 million), and Uganda ($295 million). These projects are expected to enhance access to state-of-the-art infrastructure, facilitate access to markets for farmers and traders, and reinforce regional integration and tourism for the member countries.