IsDB Injects $2.12bn to Finance Projects in Education, Health, Others across Member-countries

Ugo Aliogo

The Board of Executive Directors of the Islamic Development Bank (IsDB) yesterday, approved $ 2.12 billion to finance new development projects in member-countries.

A statement noted that IsDB President and Group Chairman, Dr. Muhammad Al Jasser, who chaired the 353rd board meeting approved 16 projects that support socio-economic development and promote sustainability in member-countries in key strategic sectors such as transport, energy, health and education, in addition to youth development/entrepreneurship-employment.

In his remarks, the IsDB President highlighted the significance of the approved projects and their transformative impacts on improving transportation, health, education, and energy as well as fostering regional economic integration.

Al Jasser told the Board members that the IsDB was working to deepen the Sukuk (Islamic bonds) market to enable the bank to finance more projects, be they green, sustainability or ordinary Sukuk.

The statement noted that top among the approvals was IsDB’s EUR 803.3 million (US$ 845.57 million) financing to Indonesia to contribute to “Strengthening Indonesia’s Health Care Referral Network Project.”

The statement revealed that the objective of the project was to enhance the physical and service capacity of the health referral system in Indonesia, ensuring that everyone has equal access to quality healthcare services in all districts, cities, and provinces.

The IsDB Board also approved financing of EUR 187.84 million (US$ 204.00 million) to Morocco for the, “Construction of Guercif-Nador Highway Project” in the Kingdom of Morocco.