Jeddah-based Islamic Development Bank (IsDB) has approved projects worth $403 million in its member countries including Egypt, Kyrgyzstan and Tajikistan to help boost the countries’ infrastructure.
The top among the approvals at IsDB’s 350th board meeting was the $344.5 million (EUR 318 million) financing for Phase I of the Electric Express Train Project in Egypt. The project seeks to provide access to safe, affordable, accessible and sustainable transport systems for all by developing a 660km sustainable, green and climate-resilient electric express railway system.
This project is expected to benefit 25 million people annually and decrease carbon emissions by approximately 250,000 tons annually.
#IsDB's financing of EUR 318 million for #Egypt's Electric Express Train Project is a significant step towards sustainable and accessible transportation systems. With a 660 km green railway system, the project will benefit 25 million people annually and reduce GHG emissions. pic.twitter.com/YXT8a6AydD
— IsDB Group (@isdb_group) April 1, 2023
Chaired by IsDB President and Group Chairman Dr Muhammad Al Jasser, the meeting approved funds for projects that support socio-economic development and promote sustainability in member countries in key sectors such as energy, education and transport.
“These transformative projects will have a significant impact on improving transportation, education, and energy, as well as promoting regional economic integration and addressing emergencies,” said Al Jasser.
The board also approved an additional financing of $13 million for the Central Asia South Asia Electricity Transmission and Trade Project (CASA-1000) in Kyrgyzstan. The multilateral development bank had originally approved $50 million for this project.
The project aims to meet the electricity demand in Afghanistan and Pakistan through the establishment of cross-border energy exchange among four IsDB member countries as part of the bank’s regional economic integration strategy.
