Islamic Development Bank approves over $1bn project financing for Nigeria 8 other countries

Spread the love

Saudi Arabia-headquartered Islamic Development Bank’s (IsDB) board of executive directors approved a total of $1.12 billion for development projects financing in various sectors across nine of its member countries, as well as a $1.79 million grant for a number of other projects in key sectors such as food security, health, transport, energy, urban development, education, water and sanitation.
The 347th session held on Saturday, at the Headquarters in Jeddah, 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 the Republic of Uzbekistan and the Republic of Uganda, WAM reported.
In the Republic of Uganda, the financing of $100 million, part of the Islamic tranche, will enable the country to untap its oil reserves and export oil to international markets through a cross-border buried-heated crude oil pipeline.

The Bank 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 infrastructure, facilitate access to markets for farmers and traders, and strengthen regional integration and tourism for the member countries.
The Board also approved other key proposals like, the debt restructuring of Queen Alia International Airport (QAIA) in Jordan, as well as the modification of the mode financing of the approved installment sale financing to Commodity Murabaha for the 300-bed hospital project in Nigeria.
Also approved was $1 million in grants to provide market access readiness in key economic trade sectors in Yemen. This programme will tackle existing gaps in selected trade sectors like onion, honey and coffee.

A grant package of $785,000 was approved for projects in Zambia, India, and Bosnia, to support educational infrastructural needs of Muslim communities in some non-member countries. These funds are for the expansion of school facilities and will also be used to enhance the provision of quality education, as well as to enhance the skills of the youth of Muslim communities.