RIYADH, April 27 — The Islamic Development Bank (IsDB) has approved approximately US$418 million (RM1.9 billion) to fund new development projects in member countries.

The board, chaired by IsDB president Muhammad Al Jasser, approved four projects during its 355th meeting, focusing on socio-economic development and sustainability.

The meeting was held on Saturday in Riyadh, Kingdom of Saudi Arabia (KSA), on the first day of the 2024 IsDB Group Annual Meetings and the Golden Jubilee marking the 50th Anniversary of the bank.

"Tajikistan received US$150 million for the construction of the Rogun Hydropower Plant Project’s Lot-4 (Left Bank Structures).

"The project aims to provide clean, affordable, and reliable renewable electricity to meet the country’s growing domestic demand, enhance energy security, and commercialise it through the regional power market,” he said in a statement today.

Muhammad Al Jasser also said that the IsDB board approved €60.57 million (RM308 million) for the Root and Tuber/Regional Cassava Value Chains Development Project in Benin, Africa.

The project aims to improve food security, economic growth, and household income through better production, processing, marketing, and private sector involvement in the cassava, sweet potato, and yam value chains.

Similarly, Côte d’Ivoire secured €70.46 million in financing for its Root and Tuber/Regional Cassava Value Chains Development Project, which also seeks to boost food security, economic growth, and household incomes through improvement in cassava production, processing, marketing, and private sector participation.

It also aims to create employment opportunities, particularly for women and youth, and develop national and regional trade.

The board also approved €120 million for the Türkiye Nakkas-Basaksehir Motorway Project, a subsection of the larger North Marmara Motorway government initiative.

The main project aims to provide an alternative Bosphorus crossing, significantly reducing traffic congestion, travel times, and greenhouse gas emissions.

"The IsDB Group has always reaffirmed its commitment to supporting member countries’ pursuit of prosperity and achieving their Sustainable Development Goals, while also strengthening their resilience to future development obstacles,” Muhammad Al Jasser said.

Rated AAA by the major rating agencies in the world, IsDB is the premier multilateral development bank of the Global South that has been working for 50 years to improve the lives of the communities it serves by delivering impact at scale.

The bank brings together 57 member countries across four continents, touching the lives of nearly one in five of the world population.

Its mission is to equip people to drive their own economic and social progress at scale, putting the infrastructure in place and enabling them to fulfil their potential.

Headquartered in Jeddah, KSA, IsDB has regional hubs and centres of excellence in 11 of its member countries including one in Kuala Lumpur, Malaysia.

In Malaysia, the Centre of Excellence functions to facilitate a comprehensive ecosystem development, value chain integration, and market expansion in three main focus areas, namely Islamic finance and halal industry.

Malaysia is one of the founding countries of IsDB, having joined the bank on August 12, 1974.

It has a capital subscription of 1.55 per cent worth ID868.18 million (Islamic Dinars), which is equivalent to one special drawing right of the International Monetary Fund.

The IsDB has funded 166 projects in the country worth US$963.2 million. Of these, 160 projects (US$945.8 million) have been completed and the other six projects (US$17.4 million) are ongoing. — Bernama