The Islamic Development Bank (IsDB) held its 350th Board of Executive Directors meeting in Jeddah, Kingdom of Saudi Arabia, on April 1, 2023. Chaired by IsDB President and Group Chairman, H.E. Dr. Muhammad Al Jasser, the meeting approved three projects worth approximately $403 million. The projects will promote socio-economic development and sustainability in member countries in key sectors, including energy, education, and transport.
Electric Express Train Project
- Provide access to safe, affordable, accessible, and sustainable transport systems for all.
- Development of a 660km sustainable, green, and climate-resilient electric express railway system.
Once completed, this project is expected to benefit 25 million people annually and reduce GHG emissions by approximately 250,000 tons of CO2 annually.
Central Asia South Asia Electricity Transmission and Trade Project (CASA-1000)
Additional financing of $13 million for the Central Asia South Asia Electricity Transmission and Trade Project (CASA-1000) in the Republic of Kyrgyzstan was approved by the board during the April 1, meeting. It’s worth noting that the Bank had originally approved $50 million towards this project.
Meeting the increasing electricity demand in Afghanistan and Pakistan is a crucial component of this project. By establishing cross-border energy exchange among four IsDB member countries, The IsDB intends to further support the growing infrastructure in the region. This is part of the Bank’s regional economic integration strategy, which aims to utilize efficient and environmentally friendly indigenous hydropower resources of Kyrgyzstan and Tajikistan, creating conditions for sustainable electricity trade between Central and South Asia.
IsDB / ISFD / GPE / OFID Project for Support to Implementation of the National Education Development Strategy of Tajikistan
Furthermore, the IsDB/ISFD/GPE/OFID Project for Support to Implementation of the National Education Development Strategy of Tajikistan (Phase II) will receive IsDB’s financing contribution of $35 million and ISFD’s contribution of $10 million.
Project goals include:
- Improve the learning environment
- Strengthen the education system
- Ensure the sustainable implementation of an inclusive, competency-based education system
Additional Programs and Initiatives
In addition to approving these projects, the IsDB Board is currently discussing emergency grant funding to provide support to Turkey and Syria in the aftermath of devastating earthquakes that struck both countries. The Board is also reviewing the progress report of the IsDB Group Food Security Response Program (FSRP). This program aims to support member countries in averting the ongoing food crisis and strengthening their resilience to future food security shocks.
During the meeting, Dr. Muhammad Al Jasser emphasized the significance of the approved projects, highlighting their transformative impact on improving transportation, education, and energy. Further emphasizing the importance of regional economic integration while handling and preparing for emergency situations that may arise.