The Islamic Development Bank (IDB) has approved financing of US$1.6 billion for 24 new development projects in 19 of its member countries in Asia, Europe and Africa, including Nigeria, Niger, Chad and Mali in the Lake Chad Basin. The Sahel countries of Senegal, Guinea, Burkina Faso and The Gambia will also benefit. The bank’s board of directors announced the significant increase of its funding on Sunday, December 18.
Muhammad Al Jasser, president of the board, said the approved projects will cover a wide array of development sectors, including “road construction and high-speed transport; clean and renewable energy; poultry production, fisheries, irrigation and agriculture; child nutrition; academic and technical education; as well as vocational training”.
The approval comprises US$1.37 billion of financing from the bank’s ordinary capital resources and an additional to US$16.5 million allocated by IsDB’s poverty alleviation arm, the Islamic Solidarity Fund for Development (ISFD).
Nigeria will receive US$29.75 million for the Front-End Engineering Design Phase II Study Project for the Morocco Gas Pipeline – Nigeria Segment.
This project will enable West African states to replace the costly production of oil-fired electricity with renewable electricity and gas-fired electricity production.
The country will receive US$150.52 million for the IDB Support Project for the Special Agro-Industrial Processing Zone (ZSTA) Project, which, according to the bank, will increase household incomes, providing 185,000 new jobs, enhancing food security and increasing the yields of key crops by 50%.
It will support a larger Programme of the Government for building an inclusive and sustainable agro-industrial development to enhance the competitiveness of the agriculture sector. As a part of this programme, the Nigerian government is working with several financiers including the African Development Bank (AfDB).
Chad will receive US$45.00 million for the Strengthening of Maternal and Child Health Project. The expected results include building and equipping 20 health facilities, rehabilitating 87 facilities, including two provincial hospitals and the mother and child health centre in N’Djamena.
Niger will receive €20.49 million for the Upgrading of the Douchi – Kurdula-Nigeria Border Road Project, which will contribute to the socioeconomic development of the country, reducing travel costs and time and increasing access to social amenities.
Mali will receive €22.66 million to finance the Poultry and Fisheries Value Chain Development Project, which will directly benefit 120,000 poultry and fish producers and indirectly benefit around 2 million farm families; 60% of the direct beneficiaries will be women.
Of the Sahel countries, Senegal with receive €100.00 million for the Regional Express Train (TER) (Phase-II) Project, which will meet the increasing demands of urban traffic between the Dakar City Centre and the AIIBD Airport by reducing travel time from one-and-a-half hours to half an hour, as well as reducing operating costs and air pollution.
It will also receive US$5 million of ISFD financing for the Construction of a Commercial and Residential Waqf Complex for the Benefit of the Daras Schools which will enable the country to address the inadequate and unsuitable physical infrastructure of the schools, furniture, equipment and insufficient and outdated inputs for education.
Guinea will receive €159.56 million for the Construction of LABÉ-MALI Road, a project that supports economic infrastructures in agricultural production areas, improving rural accessibility and boosting agricultural and mining value chains.
It will also receive €23 million to cover the Additional Financing for the OMVG High Voltage Electricity Interconnection Project, which aims to satisfy increasing demand for electricity and to improve living conditions by providing collective economic welfare.
Burkina Faso will receive €17.39 million for the Basic Education Development Project Phase V, the key results of which will include expanded access and improved quality of basic education, as well as the creation and/or reinforcement of businesses and employment opportunities.
And finally, The Gambia will receive US$14 million for the Widening of BERTIL – HARDING Highway Project, which will contribute to the economic growth of the country by supporting transport, increasing the percentage of the primary road network from 80% to 100%.
It will also receive US$7 million for the Development of the University of the Gambia (UTG) Phase II Project, which aims to increase the number of students enrolled in UTG by 1,600, increasing the percentage of enrolled girls to 25%, and constructing and equipping two schools.
