JEDDAH: The Islamic Development Bank approved new financing totaling $384.28 million to support key development initiatives across member countries during a meeting for the IsDB Board of Executive Directors on April 6.
The move underscores the bank’s ongoing commitment to meeting urgent development needs, while strengthening long-term resilience and promoting sustainable growth.
As part of the approval, the board meeting, chaired by IsDB President Mohammed Al-Jasser, allocated $75 million to the Response, Recovery, and Resilience, or 3R, Facility, designed to support 32 fragile and conflict-affected member countries impacted by natural disasters.
This financing includes $30 million from the IsDB’s OCR grant and $45 million from the IsDB Concessional Fund, or ICF, to be distributed over five years, alongside contributions from other partners.
The funds aim to provide rapid emergency financing, support recovery efforts, and enhance early warning and preparedness systems, enabling countries to respond more effectively to crises while building resilience over time.
In Mauritania, the board approved $59.28 million for a rural electrification project to expand sustainable and equitable access to affordable electricity across multiple regions. This financing comprises $25.35 million from the IsDB and $33.93 million from its ICF.
Beyond infrastructure, this project prioritizes economic empowerment by creating 10 multifunctional energy platforms managed by local women’s cooperatives.
These platforms are specifically designed to support small enterprises and improve livelihoods for women-headed households and vulnerable communities.
Together with the 3R Facility, the project marks the first deployment of resources from the ICF since its launch in February, providing significant allocations to address vulnerability.
In Turkiye, the board approved $250 million for the Sustainable Organized Industrial Zones Project, a transformative initiative aimed at enhancing the sustainability, efficiency, and competitiveness of the country’s industrial sector.
The project will also support resource-efficient infrastructure, improved waste management systems, and environmentally responsible industrial practices, contributing to emissions reduction, resource conservation, and job creation.
These strategic approvals reinforce the IsDB’s commitment to supporting member countries through targeted investments that address immediate challenges while laying the foundation for sustainable development.
