Jeddah’s Islamic Development Bank to finance global projects worth $863 mln

Jeddah-based Islamic Development Bank (IsDB) has approved funds worth $863 million to finance development projects in countries including Guinea, the United Arab Emirates, Bahrain, Morocco, Senegal, Togo, Djibouti, Chad, Jordan, and Mali.

The bank’s board also approved a three-year action plan, until 2019, totaling $16 billion, and a $5.2 billion budget for 2017, it said in a statement.

Among the projects approved for financing are: $208 million for roads projects in Guinea; $170 million for the third phase of a solar generation project in the UAE; $105 million for Aluminum Bahrain for power plant expansion project in Bahrain; and $94 million for rural development project in Morocco.

The lender has also earmarked $92.3 million for two projects in Senegal; $91.5 million for a road project in Togo; and $60 million to fund a hospital in Djibouti.

Several solar energy projects will also receive financing with $8 million allocated for a solar energy project in Chad; $5 million for a solar power plant in Jordan; and $4 million for a solar energy project in Mali.