IsDB to finance $3bn in 20 socio-economic projects across 17 countries

The projects reflect IsDB’s commitment to inclusive development, aimed at strengthening resource management and promoting shared prosperity across member countries. Shutterstock
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Updated 15 October 2024
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IsDB to finance $3bn in 20 socio-economic projects across 17 countries

  • Initiatives target key sectors such as agriculture, water resources, and energy, as well as health care and infrastructure

RIYADH: The Islamic Development Bank is set to finance over $3 billion for 20 socio-economic development projects across 17 member nations, following its 357th board meeting chaired by President Muhammad Al-Jasser.
These initiatives target key sectors such as agriculture, water resources, and energy, as well as health care and infrastructure to strengthen resilience and promote sustainable growth.
In Kazakhstan, $1.15 billion will support water resources development, improving agricultural output and ensuring food and water security.
Jordan has been allocated $200.3 million to bolster food security by expanding strategic reserves. 
Kyrgyzstan will receive $45.11 million for agricultural mechanization to aid smallholder farmers, along with an additional $58.25 million to enhance energy infrastructure in the Issyk-Kul region.
Senegal is set to receive €65.1 million ($70.96 million) to accelerate agricultural industrialization.
Togo has been granted €55.23 million to foster income-generating activities and improve the livelihoods of vulnerable populations.
Azerbaijan has been allocated $96.73 million for water resource management to support agriculture and food security, and the Maldives has been allotted $64.65 million to expand its fishing industry.
Morocco was allocated €441.82 million for a hydropower project to meet peak demand with renewable energy.
Gambia will receive $40 million to improve its transport sector, and Sierra Leone has been assigned €70.32 million to enhance infrastructure through soil stabilization technology.
Comoros will benefit from $15 million to improve maritime connectivity and safety. Uzbekistan will acquire $138.8 million to expand a key road, improving traffic flow and safety, while Cameroon has been awarded $176.3 million to upgrade its transport infrastructure.
In Turkiye, €246.4 million will support the Eastern Turkiye Middle Corridor Railway Project, with an extra $100 million allocated to post-earthquake recovery efforts to enhance productivity. 

Pakistan will receive $118.4 million to reduce poverty and improve food security in vulnerable communities.

Mozambique has been allocated $19.8 million to strengthen health care access, while Cote d’Ivoire has been granted €260 million ($278.2 million) to support highway construction for regional integration and agriculture. 

Al-Jasser said that these initiatives align with the IsDB’s goal of fostering sustainable economic growth, enhancing infrastructure, and integrating regional economies.

The bank also approved a $10 million grant in collaboration with the World Health Organization to support global health care initiatives. 

The projects reflect IsDB’s commitment to inclusive development, aimed at strengthening resource management and promoting shared prosperity across member countries.


Saudi Arabia’s cultural sector is a new economic engine between Riyadh and Paris, says ambassador

Updated 25 January 2026
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Saudi Arabia’s cultural sector is a new economic engine between Riyadh and Paris, says ambassador

RIYADH: Culture has become a fundamental pillar in bilateral relations between France and Saudi Arabia, according to the French Ambassador to the Kingdom, Patrick Maisonnave.

Maisonnave noted its connection to the entertainment and tourism sectors, which makes it a new engine for economic cooperation between Riyadh and Paris.

He told Al-Eqtisadiah during the opening ceremony of La Fabrique in the Jax district of Diriyah that cultural cooperation with Saudi Arabia is an important element for its attractiveness in the coming decades.

La Fabrique is a space dedicated to artistic creativity and cultural exchange, launched as part of a partnership between the Riyadh Art program and the French Institute in Riyadh. 

Running from Jan. 22 until Feb 14, the initiative will provide an open workspace that allows artists to develop and work on their ideas within a collaborative framework.

Launching La Fabrique as a space dedicated to artistic creativity

The ambassador highlighted that the transformation journey in the Kingdom under Vision 2030 has contributed to the emergence of a new generation of young artists and creators, alongside a growing desire in Saudi society to connect with culture and to embrace what is happening globally. 

He affirmed that the relationship between the two countries is “profound, even cultural par excellence,” with interest from the Saudi side in French culture, matched by increasing interest from the French public and cultural institutions unfolding in the Kingdom.

Latest estimates indicate that the culture-based economy represents about 2.3 percent of France’s gross domestic product, equivalent to more than 90 billion euros ($106.4 billion) in annual revenues, according to government data. The sector directly employs more than 600,000 people, making it one of the largest job-creating sectors in the fields of creativity, publishing, cinema, and visual arts.

Saudi Arabia benefiting from French experience in the cultural field

Maisonnave explained that France possesses established cultural institutions, while Saudi Arabia is building a strong cultural sector, which opens the door for cooperation opportunities.

This comes as an extension of the signing of 10 major cultural agreements a year ago between French and Saudi institutions, aiming to enhance cooperation and transfer French expertise and knowledge to contribute to the development of the cultural system in the Kingdom.

He added that experiences like La Fabrique provide an opportunity to meet the new generation of Saudi creators, who have expressed interest in connecting with French institutions and artists in Paris and France.

La Fabrique encompasses a space for multiple contemporary artistic practices, including performance arts, digital and interactive arts, photography, music, and cinema, while providing the public with an opportunity to witness the stages of producing artistic works and interact with the creative process.