• About us
  • Advertise
  • Contact
  • Nominate
  • Client’s Voice
  • Login
  • Register
📖 Magazine
The Global Economics
  • Home
  • Banking
  • Non Banking
  • Markets
  • Infrastructure
  • Lifestyle
  • FeatureNew
  • Awards
No Result
View All Result
  • Home
  • Banking
  • Non Banking
  • Markets
  • Infrastructure
  • Lifestyle
  • FeatureNew
  • Awards
No Result
View All Result
The Global Economics
No Result
View All Result
Home Banking Islamic

Islamic Development Bank gives go-ahead for $345mln Egypt e-train project

Rahil Adnan by Rahil Adnan
April 3, 2023
in Islamic, Banking, Clean Energy, Energy, Infrastructure, Transportation
Reading Time: 3 mins read
0
Islamic Development Bank gives go-ahead for $345mln Egypt e-train project

Islamic Development Bank gives go-ahead for $345mln Egypt e-train project

31
SHARES
174
VIEWS
FacebookTwitterRedditWhatsAppLinkedInFacebook

Islamic Development Bank has approved multiple projects worth $403 million

In an effort to boost the infrastructure of its member countries such as Egypt, Kyrgyzstan, and Tajikistan, the Islamic Development Bank (IsDB) has approved projects worth $403 million. The most recent approval given by IsDB was the $344.5 million financing for Phase 1 of the Electric Express train Project in Egypt, at its 250th board meeting held on April 1 in the city of Jeddah.

The project constitutes the development of a 660 km sustainable, climate-resilient, green electric express railway system that would provide access to safe, accessible, and affordable transport systems for all. It is also expected to aid 25 million people annually and reduce Green House Gas (GHG) emissions by approximately 250,000 tons of CO2 annually.

Dr. Muhammad Al Jasser, IsDB President and Group Chairman, chaired the meeting and authorized the funds for the projects that supported socioeconomic development and promoted sustainability in member countries, especially in key sectors like education, energy, and transport.

Remarking on the projects, Dr. Al Jasser said that these projects will have a significant impact on improving education, transportation, and energy, as well as promoting regional economic integration and addressing emergency situations. He also expressed IsDB’s commitment to supporting its member countries in their pursuit of prosperity and resilience, especially during these challenging times.

The Central Asia South Asia Transmission and Trade Project (CASA -1000) in the Republic of Kyrgyzstan received additional financing of $13 million from the board. The project originally received a $50 million approval from the bank.

The aim of the project is to meet the electricity demand in Afghanistan and Pakistan by establishing cross-border energy exchange among four IsDb member countries as part of the Bank’s regional economic integration strategy.

According to a statement from IsDB, once operational, the project will make use of Kyrgyzstan and Tajikistan’s efficient and environmentally friendly indigenous hydropower resources, creating conditions for sustainable electricity trade between Central Asia and South Asia.

The third project that was approved is a partnership between the Islamic Development Bank, Islamic Solidarity Fund for Development (ISFD), Global Partnership for Education (GPE), and Opec Fund for International Development (OFID) – the IsDB/ISFD/GPE/OFID Project for Support to Implementation of the National Education Development Strategy of Tajikistan (Phase II). It has a contribution of $35 million from IsDB and $10 million from ISFD.

The aim of the project is to improve the learning environment and facilitate system strengthening for the country’s sustainable implementation of an inclusive, competency-based education system.

The Islamic Development Bank’s Board also reviewed the progress report of the IsDB Group Food Security Response Program, which is aimed at supporting member countries in better averting the ongoing food crisis and strengthening their resilience to future food security shocks. There was also deliberation among the Board member on an emergency grant fund from the IsDB to provide Syria and Turkey with support in the aftermath of devastating earthquakes that shook both countries.

About Islamic Development Bank

The Islamic Development Bank is a multilateral development bank working to promote social and economic development in member countries and Muslim communities worldwide, delivering impact at scale. The bank fosters innovative and sustainable solutions to the world’s greatest development challenges while working towards the UN Sustainable Development Goals.

Source: short URL
Tags: clean energyegyptIslamic bankKyrgyzstansaudi arabiaTajikistan
Rahil Adnan

Rahil Adnan

Related Posts

COP28 Summit Sees Ambitious Climate Initiatives From Across the Globe
Clean Energy

COP28 Summit Sees Ambitious Climate Initiatives From Across the Globe 

by The Global Economics
December 4, 2023
GCC Economy Projected to Expand 3.7% in 2025 World Bank
Economy

GCC Economy Projected to Expand 3.7% in 2025: World Bank 

by The Global Economics
November 23, 2023
Amazon Links Prime Membership in the USA with One Medical
Healthcare

Amazon Links Prime Membership in the USA with One Medical 

by The Global Economics
November 21, 2023
Fed Has a Breather as the US CPI Cools Down
Central

Fed Has a Breather as the US CPI Cools Down 

by The Global Economics
November 15, 2023
Dubai-Based Airline, Emirates, Orders Jets Worth Over USD 50 Billion
Transportation

Dubai-Based Airline, Emirates, Orders Jets Worth Over USD 50 Billion 

by The Global Economics
November 14, 2023
Previous slide
Next slide
Previous slide
Next slide
Previous slide
Next slide
Previous slide
Next slide
Twitter Youtube LinkedIn Soundcloud
the global economics logo

The Global Economics Limited is a UK based financial publication and a Bi-Monthly business magazine giving thoughtful insights into the financial sectors on various industries across the world. Our highlight is the prestigious country specific Annual Global Economics awards program where the best performers in various financial sectors are identified worldwide and honoured.

DMCA.com Protection Status

  • Privacy
  • Legal
  • Terms of Use
  • Client’s Voice
  • Server Status

norton verified - the global economics

Latest Posts

COP28 Summit Sees Ambitious Climate Initiatives From Across the Globe

COP28 Summit Sees Ambitious Climate Initiatives From Across the Globe 

December 4, 2023
India and Africa Driving Global Crude Oil Demand to 112 Mln bpd by 2030

India and Africa Driving Global Crude Oil Demand to 112 Mln bpd by 2030 

December 1, 2023
Guyana Asks ICJ to Halt Venezuela’s Vote as Annexation Crisis Intensifies

Guyana Asks ICJ to Halt Venezuela’s Vote as Annexation Crisis Intensifies 

November 30, 2023
Download The Global Economics PWA to your mobile or Desktop
PWA App Download
Download The Global Economics Android App to your mobile or Desktop
Android App
Download The Global Economics IOS App to your mobile or Desktop
IOS App

All Rights Reserved © 2020 | 🇬🇧 The Global Economics, Business Finance Publication - www.theglobaleconomics.uk 🌏

No Result
View All Result
  • About us
  • Awards
  • Magazine
  • Client’s Voice
  • Exclusive Coverage
  • Nominate
  • Login
  • Sign Up

All Rights Reserved © 2020 | 🇬🇧 The Global Economics, Business Finance Publication - www.theglobaleconomics.uk 🌏

Welcome Back!

Sign In with Facebook
Sign In with Linked In
OR

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Sign Up with Facebook
Sign Up with Linked In
OR

Fill the forms below to register

*By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Go to mobile version