IsDB approves over $1.3bn to drive inclusive development across member states
JEDDAH: The Islamic Development Bank is providing over $1.32 billion in new funding for major projects, including flood protection in Oman, road upgrades in Cameroon, and healthcare expansion in Suriname.
The funding allocations were announced during IsDB's 360th board of executive directors meeting held on May 19 in Algiers as part of the organization's annual meetings, chaired by its president Muhammad Al-Jasser. The session covered a wide range of projects spanning health, infrastructure, and food security, as well as vocational training and access to water.
Among the most significant approvals was the $632.16 million flood protection dams project in Oman, designed to mitigate climate risks and safeguard more than 670,000 people through the construction of large-scale flood infrastructure.
Other infrastructure investments included the €212.35 million ($238.80 million) Douala–Bafoussam road rehabilitation project in Cameroon, which will reduce travel time and improve road safety on a key regional corridor, and the €187.83 million PRISE project in Burkina Faso, which will revitalize 302.8 km of road and 61 km of railway to enhance regional connectivity with Mali, Niger, Ghana, and Cote d'Ivoire.
The moves underscore the institution's dedication to advancing the UN's Sustainable Development Goals and assisting member countries in tackling interconnected development challenges.
'The approval of these strategic projects reaffirms IsDB's unwavering commitment to financing transformative, high-impact initiatives that advance socio-economic development,' IsDB President Muhammad Al-Jasser said, according to a press release.
He added that the financing would drive tangible progress toward the Sustainable Development Goals by strengthening flood resilience, expanding healthcare access, enhancing food security, and equipping youth with critical skills, while addressing the evolving priorities of member countries.
In its statement, IsDB noted that this transformative investment will also improve groundwater recharge, support agriculture, and reduce economic losses caused by extreme weather conditions.
Founded in 1973 and headquartered in Jeddah, IsDB is a multilateral development finance institution focused on Islamic finance for infrastructure development.
Beyond its membership, IsDB also extends support to Muslim communities in non-member countries, including those affected by conflict and natural disasters, collectively impacting one in five people worldwide.
Health remained a central pillar of the board's agenda. The $75.08 million project in Suriname will strengthen the national health system and reduce mortality from noncommunicable diseases.
The $26.10 million for the establishment of a National Oncology Center in Djibouti will provide the country's first dedicated cancer facility, ensuring early diagnosis and access to treatment.
The project is co-financed by the Islamic Solidarity Fund for Development and includes a $400,000 reverse linkage grant from IsDB to support technical cooperation with Morocco in oncology service design, training, and delivery.
In Togo, IsDB approved two key projects — a $2 million initiative to strengthen the national eye care system and a €23.12 million water supply project aimed at providing clean drinking water to more than 6,000 households in the Kara region.
Human capital development was also a key focus, with the board approving €36.39 million to enhance vocational training and youth employability in Mauritania. The project aims to upgrade training centers and equip young men and women with skills aligned to market needs.
In Cote d'Ivoire, a €104.20 million rice value chain development project will reduce rice import dependency and increase farmer incomes, particularly among women and youth.
In the Gambia, the bank approved $3 million in supplementary financing to further strengthen value addition in the groundnut sector and enhance rural livelihoods.
IsDBI releases 2024 annual report
During the same meeting, the Islamic Development Bank Institute, the knowledge arm of the IsDB Group, released its 2024 annual report, outlining key achievements in promoting Islamic finance to support sustainable development across member countries and Muslim communities globally.
The report outlines progress in flagship projects that integrate Islamic finance with emerging technologies, including a smart stabilization system and an artificial intelligence assistant platform, according to a separate statement.
IsDBI successfully approved 24 new technical assistance projects valued at $4.17 million, the highest level since the inception of the Special Allocation Program in 2013. The institute also expanded its global partnerships and capacity-building efforts, reaching professionals in 130 countries through training in Islamic finance.
IsDBI said it had commissioned feasibility studies on its flagship, game-changing projects — namely the Awqaf Free Zones, Smart Countertrade System, and Digital Postal Islamic Financial Services.
It added that the outcomes of these studies are expected to lead to pilot implementations in collaboration with relevant member countries and industry partners, paving the way for full-scale deployment.
Acting Director General Sami Al-Suwailem reaffirmed the Institute's commitment to delivering knowledge-driven solutions for inclusive economic growth.
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