Public Management

IsDB Approves Over $1.2bn for Nine African Countries

IsDB Approves Over $1.2bn for Nine African Countries
Friday, 18 October 2024 15:18

During its 357th board meeting, the Islamic Development Bank announced a $3 billion funding package for 17 of its member countries.

On October 14, the Islamic Development Bank (IsDB) approved more than $1.2 billion in funding for nine African member countries. The decision was made during a board meeting in Jeddah, Saudi Arabia. This initiative aims to boost resilience, sustainability, and economic growth in key sectors such as transport, energy, agriculture, water resources, food security, health, and social development.

Senegal and Togo will receive about $131.2 million to improve agricultural productivity. Cameroon, The Gambia, and Comoros will share $231.3 million to enhance their transport systems. Morocco will be granted $472.92 million to build a hydroelectric power plant to meet the rising demand for clean energy. Côte d'Ivoire will be allocated $278.2 million for highway projects to promote regional integration and boost agricultural production. Sierra Leone is set to receive $72.29 million to improve access to social and economic infrastructure through new soil stabilization technologies. Mozambique will benefit from $19.8 million to strengthen its health system, improve access to essential services, and expand health sciences training.

These funds are part of a broader $3 billion package announced by the IsDB for 17 countries during its board meeting. In its statement, the bank emphasized that “Reiterating IsDB’s continued commitment to spearheading resilience and sustainable economic growth, H.E. Dr. Al Jasser noted the importance of the approved projects and the major role they would play in creating significant positive impacts on infrastructure, fostering regional economic integration and improving resource management in line with national development priorities of the Bank’s member countries”.

The bank has 27 African countries among its 57 members. According to Mansur Muhtar, IsDB’s Vice President of Operations, since its founding in 1975 until June 2022, the bank has provided $65 billion in funding to African countries, including about $20 billion for trade financing.

IsDB will also contribute $10 million to the Health Impact Investment Platform, in partnership with the World Health Organization, to support global health improvements.

Additional Info

  • communiques: Non
  • couleur: N/A
On the same topic
I&M Group raises stake in I&M Bank Tanzania to 95.5% Deal follows exit of Proparco and MEAL after 15 years Group bets on growth in...
SEC sharply increases capital thresholds across the securities industry Brokers, asset managers, issuers, and digital asset firms face higher...
PCM Capital Partners sold its entire 10.6% stake in First Atlantic Bank following an oversubscribed IPO on the Ghana Stock Exchange. The...
Libya’s central bank cut the dinar by 14.7% to 6.37 per dollar, marking the second devaluation in less than a year. Authorities cited unchecked...
Most Read
01

Togolese banks provided 16.2% of WAEMU cross-border credit by September 2025 Regional cross...

Togo accounts for 16.2% of cross-border bank financing in WAEMU
02

Nigerian fintech Paystack launches Paystack Microfinance Bank Bank created after acquiring ...

Stripe-Owned Paystack Enters Nigerian Microfinance Banking Via Acquisition
03

Nigeria granted Amazon Kuiper a seven-year license starting February 2026 The move opens comp...

Amazon wins approval to enter Nigeria’s satellite internet market
04

Tether partnered with the United Nations Office on Drugs and Crime to strengthen digital asset cyb...

Tether and UNODC Launch Digital Asset Cybersecurity Initiative in Africa
05

Microfinance deposits in Togo increased by CFA11.9 billion, a 2.7% rise in the second quarter of 2...

Microfinance: Deposits in Togo Rise 2.7% in Second Quarter of 2025
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72


EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.