The Islamic Development Bank (IDB) has approved $189m in financing for development projects in several of its African member states as well as Muslim communities in non-member countries, following the 302nd meeting of the board in Jeddah.
Under the chairmanship of IDB president Dr Ahmad Mohamed Ali, the board also drafted the agenda for the 40th annual meeting of the board in June in Maputo, Mozambique, which will be attended by the ministers of finance and economy for all 56 member countries. The IDB extends interest-free loans to 28 African member states for infrastructural and agricultural projects both in the public and private sectors.
The most significant portion of the funds, at $136m, will go towards the construction of a 130km highway in Cote d’Ivoire connect the city of Tiebissou and a number of other urban areas to the country’s capital, Yamoussoukro.
It is part of the highway linking the port of Abidjan in the sorth of the country to Burkina Faso, Mali and Niger, all land-locked member countries of the IDB. The highway is also part of a regional network promoted by the Economic Community of West African States (ECOWAS).
The Board also approved $22.3m to support food security and resource management in Chad; $16.5m towards the Regional Submarine Telecommunications Project in Djibouti; and $14m towards student accommodation at the University of Bobo-Dioulasso in Burkina Faso.Related article How clean energy is kickstarting sustainable development in east Africa
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IDB recently signed several agreements of funding with Burkina Faso, providing nearly $200m largely for the construction of a highway and the finance of agricultural imports.
The IDB extends interest-free loans to 28 African member states for infrastructural and agricultural projects both in the public and private sectors.