IDB Headquarters, Jeddah, Saudi Arabia

Jeddah (IINA) : The Board of Executive Directors (BED) of the Islamic Development Bank (IDB) Group has approved financing for various infrastructure projects for five member countries of the IDB, totaling $453 million.

The approval was given by the BED ahead of the Annual Meeting of the Board of Governors, scheduled for May 17-18 in Jeddah.

The approved funding includes the provision of $200 million to contribute to the financing of Clean Energy and Energy Infrastructure Program in Turkey; $79 million to contribute to an Emergency Health Project in Jordan; $60 million for Local Economic Growth Project in Uganda; $78.7 million for Water project in Tunisia; and $35 million for Affordable Housing Project (LISP III) in Suriname.

“Building the infrastructure of our member countries is important in order to accelerate development activities. With infrastructure development comes other benefits like providing employment opportunities and reducing poverty,” said IDB President Bandar Hajjar.

“The theme of our Annual Meeting is on youth economic empowerment. Infrastructure projects provide significant opportunities for our youth,” he added.

The BED also approved three Special Assistance Projects worth $580,000 for Completion of Gnojnice Elementary & Secondary School in Mostar, Bosnia and Herzegovina ($200,000); Construction of Maalamin Health Centre, Garissa County, Kenya ($200,000); and Extension of the Technical Secondary School (GS AIPER), Kigali, Rwanda ($180,000).

The 42nd IDB Annual Meeting brings together the 57 finance ministers of IDB member countries as well as representatives of regional and civil society organizations, and development partners.