Islamic Development Bank provides US$ 73.55mln to finance New Projects in Togo, Iraq, and Bangladesh

The Board of Executive Directors of the Islamic Development Bank has held its 342nd periodic meeting under the chairmanship of H.E. Dr. Muhammad Al Jasser, IsDB President and Chairman of the Board.

The meeting reviewed a brief report on the administrative and organizational arrangements made for the 46th Annual Meeting of IsDB Board of Governors held in Tashkent, Republic of Uzbekistan. The Board appreciated the great efforts made by IsDB and the Government of Uzbekistan, praising the hospitality and distinguished facilities provided by the Government to the guests of the Annual Meeting, which contributed to its success.

The Board also discussed the outlines of the integrated work program of the IsDB 2022-2024, the consolidated Report on Financial Sustainability as of Q2 2021, the IsDB Risk Report for the Second Quarter 2021, in addition to a report on IsDB Share Capital Activities.

In the meantime, the Board Members approved new financing for development projects in Togo, Iraq and Bangladesh, amounting to US$ 73.55 million details of which are provided below:

• Republic of Togo

Approval of US$ 20.15 million for the Rural Electrification Project through Mini Solar Power Plants in Togo. In addition, the Lives and Livelihoods Fund provided US$ 10.85 million to improve the level of human development in Togo by providing sustainable supply of electricity to the rural population of Togo who live in dense and sparsely populated areas far from the existing grid. It benefits 372 schools, 22, 092 families, and 102 health centers.

• The Republic of Iraq

Approval of US$ 17 million for the Reconstruction of the Hawija Technical Institute Project, Republic of Iraq to support the efforts of the Iraqi government to reconstruct the most affected areas after the conflict.

• People’s Republic of Bangladesh

Approval of US$ 36.4 million for the Inclusive and Integrated Sanitation and Hygiene Project in 10 Priority Towns in Bangladesh. The Lives and Livelihood Fund also provided an amount of US$ 19.6 million for the project which aims to ensure good lives and livelihoods for 1.4 million Bangladeshi people by providing adequate and accessible sanitation and hygiene facilities and services for all with a focus on poor urban women and children.

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