IsDB Approves $368.98 Million for Development Projects in Member Countries

IsDB Approves $368.98 Million for Development Projects in Member Countries

By Saudi Press Agency, 01 July 2024

The Islamic Development Bank's (IsDB) Board of Executive Directors approved the allocation of $368.98 million for new development projects in several member countries. In its 356th regular meeting held on Saturday, chaired by IsDB Chairman Dr. Muhammad Al Jasser, the Board approved funding for development projects in Türkiye, Turkmenistan, and Suriname.

These strategic projects aim to enhance sustainable development and socio-economic growth in the member countries. Dr. Al Jasser emphasized the importance of the approved projects and their transformative impacts on improving sectors such as transportation, health, education, and energy in the targeted countries.

The IsDB allocated $165 million for constructing schools in Türkiye following the earthquakes. This initiative will involve the construction of 33 schools and the addition of 808 classrooms, benefiting 24,640 students annually and enhancing resilience for over 319,206 individuals against disasters.

Suriname will benefit from $47.68 million for a project to expand electricity transmission and distribution systems in the country. The project aims to strengthen electricity supply capacity and efficiency by increasing overall capacity and enhancing system performance. It will meet growing national electricity demand, ensure a more reliable energy supply, and facilitate the connection of 4,350 new homes and 470 new commercial units.

Turkmenistan will enhance access to high-quality cancer treatment services with $156.3 million in funding from the IsDB. The project includes constructing three cancer treatment centers and training healthcare providers. It aims to increase daily inpatient services by 33% and improve cancer treatment for 11,750 patients annually, significantly reducing cancer incidence and mortality rates.

Related Report

The Business of Impact Investing in 2023

Impact investing is a form of investing that believes that every dollar invested can make a difference, while producing a profit. Over the past 20 years, impact investing has undergone a remarkable evolution, driven by a confluence of societal, economic, and technological factors. These influences have propelled impact investing into a crucial mechanism for addressing societal needs, traditionally the domain of public funding. In 2022, the impact investing market sat at US$1,146 billion, growing at a healthy compounded annual growth rate (CAGR) of 29% over the last four years. This special report features interviews with thought leaders in the impact investing space, and offers an insightful perspective on the current and future state of impact investing, its challenges and opportunities, and highlights case studies of investors, social enterprises, and the impact they are having on the world.

Subscribe To Our Newsletter

Stay up to date with the latest news, special reports, videos, infobytes, and features on the region's most notable entrepreneurial ecosystems