2024-05-04 03:34:47
The Islamic Development Bank (IDB) has approved the allocation of about $418 million to finance new development projects in member countries, Day.Az reported on Saturday.
According to the information, the Council, chaired by IDB President Muhammad Al-Jasser, approved four projects during the 355th meeting dedicated to socio-economic development and
sustainability.
The meeting took place in Riyadh on the first day of the IDB group’s annual meetings.
Tajikistan received $150 million for the construction of the Rogun hydroelectric power station, namely for the fourth lot of the project – the left bank structures. The project’s goal is to provide clean, affordable and reliable renewable electricity to meet the country’s growing domestic demand, improve energy security and commercialize through the regional energy market.
The Council also approved the allocation of 120 million euros for the construction of the Nakkas-Basaksehir highway in Turkey.
The project is part of the government’s larger North Marmara Highway initiative. The main project aims to create an alternative crossing of the Bosphorus, which will significantly reduce traffic congestion, travel time and greenhouse gas emissions.
In addition, Benin and Côte d’Ivoire are also among the recipients of this IDB financing.
It should be noted that from April 27 to 30, the annual meetings and golden jubilee of the Islamic Development Bank Group (IDB) are being held in Riyadh (Saudi Arabia) under the royal patronage of the Custodian of the Two Holy Mosques, King of Saudi Arabia Salman bin Abdulaziz Al Saud.
The theme for the 2024 meetings is “Treasuring the Past, Charting the Future: Originality, Solidarity and Prosperity.” These meetings mark 50 years of the Bank’s activities to promote socio-economic development in member countries.
As part of the event, it is planned to hold a round table on the topic of COP29 with the participation of representatives of the Azerbaijani government.
The Group’s annual meetings and the golden jubilee of the IDB, which is the leading multilateral development bank for South-South cooperation, are expected to attract international and regional attention. The annual meetings will include a series of side events with the participation of senior representatives from government, international and regional organizations, the private sector, academia and civil society.
The events will be attended by ministers of economy, planning and finance from 57 IDB member countries, as well as representatives of international and regional financial institutions, Islamic banks, private sector companies, national and international development financial institutions, international and regional organizations, NGOs, chambers of commerce and industry and business advice.
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