Islamic bank approves $418 million fund for projects in Tajikistan, Benin, Ivory Coast, Türkiye

Development projects include power plant, road, value chains in member countries

The Islamic Development Bank (IsDB) approved a $418 million fund for new development projects in Tajikistan, Benin, the Ivory Coast d’Ivoire and Türkiye.

The bank’s board approved four projects during its 355th meeting that focus on socio-economic development and sustainability, it announced during its annual meeting and golden jubilee in the Saudi capital of Riyadh.

Tajikistan received $150 million for the construction of the Rogun Hydropower Plant Project’s Lot-4 to provide clean, affordable and reliable renewable electricity.

Benin received €60.6 million ($65 million) for the Root and Tuber/Regional Cassava Value Chains Development Project to improve food security,economic growth and household income through better production, processing, marketing and private sector involvement in the cassava, sweet potato and yam value chains.

The Ivory Coast secured €70.46 million ($75.5 million) in financing for its Root and Tuber/Regional Cassava Value Chains Development Project to boost food security, economic growth and household incomes through improved cassava production, processing, marketing, and private sector participation.

The board also approved €120 million ($128.5 million) for the Türkiye Nakkas-Basaksehir Motorway Project, a subsection of the larger North Marmara Motorway government initiative.

“The main project aims to provide an alternative Bosphorus crossing, significantly reducing traffic congestion, travel times, and greenhouse gas emissions,” the bank noted.

Source: aa

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