IDB approves over $1bn for development projects

:: The Jeddah-based Islamic Development Bank (IDB) has approved over $1 billion to support development projects in member countries and in Muslim communities in non-member countries, the Saudi Press Agency (SPA) reported.

The projects cover electricity, water, sewage, industry, housing, telecommunications, agriculture, education and health.

The IDB board of directors approved $24.1 million to help Lebanon’s health care projects serve Lebanese citizens and displaced Syrians.

The bank approved $102.8 million to Burkina Faso to help it increase thermal power generation to 1,221 gigawatts by 2020 and increase citizens’ access to electricity to 60 percent. The IDB allocated $165.4 million to Mali for the construction of a 100-megawatt thermal power plant.

It approved $135.14 million to Oman to expand Al-Rasil Industrial City.

The bank approved $108.26 and $273 million to Bangladesh and Turkmenistan for housing and telecom projects, respectively.

Cameroon and Guinea obtained $53.71 million and $15.4 million, respectively, to support agriculture and water supply projects.

The IDB provided $105.6 million to Egypt for solar energy projects to provide sustainable and clean energy and minimize fuel imports. It approved $28 million and $83.8 million to Jordan and Turkey to fund a 49.5-megawatt wind energy project and a health care complex, respectively.

The IDB, in the context of its support to Muslim communities in non-member countries, approved grants worth $1.2 million for rehabilitation, training, school, health and accommodation projects in Bosnia and Herzegovina, Fiji, Kenya, Malawi, Somalia and South Africa.

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