Projects worth approximately $403m, aimed at promoting sustainability and socio-economic development in member countries, have been approved by the Islamic Development Bank (IsDB). The projects cover key sectors such as energy, education, and transport. The IsDB president and group chairman, Dr Muhammad Al Jasser, emphasized the significance of the approved transformative projects in improving transportation, education, and energy, promoting regional economic integration, and addressing emergency situations. One of the projects involves financing Phase I of the Electric Express Train Project in Egypt, aimed at developing a sustainable, green, and climate-resilient electric railway system. Another project involves additional financing for the Central Asia South Asia Electricity Transmission and Trade Project (CASA-1000) in Kyrgyzstan, aimed at meeting electricity demands in Afghanistan and Pakistan through cross-border energy exchange among four IsDB member countries.
The third project, a partnership between IsDB, Islamic Solidarity Fund for Development (ISFD), Global Partnership for Education (GPE), and OPEC Fund for International Development (OFID), is aimed at improving the learning environment and facilitating system strengthening for Tajikistan’s sustainable implementation of an inclusive, competency-based education system. The bank also raised $2bn with its first public sukuk issuance of the year, aimed at extending project financing to member countries for sustainable development, including strengthening food security, climate action, and building resilience.