The IsDB will be mobilizing fresh rounds of financing to a handful of member countries to support development projects particularly in the area of renewable energy and sanitation. VINEETA TAN writes.
At its recent 342nd periodic meeting, the board of governors of the IsDB, led by Chairman Dr Muhammad Al Jasser, approved fresh rounds of financing amounting to US$73.55 million to Togo, Iraq and Bangladesh. This follows the US$1.2 billion-worth of commitments made by the multilateral bank through its various arms at its 46th annual general meeting which took place earlier this month.
The new round of approvals will see Togo receiving US$20.15 million for the Rural Electrification Project through Mini Solar Power Plants. An additional US$10.85 million will be channeled through the Lives and Livelihoods Fund — a joint 2016 initiative with partners such as the Bill and Melinda Gates Foundation — to provide sustainable electricity supply to the rural population of Togo, which will benefit 372 schools, 22,092 families and 102 health centers.
The biggest recipient is Bangladesh. The IsDB agreed to allocate US$36.4 million for the Inclusive and Integrated Sanitation and Hygiene Project in 10 priority towns in the Republic, impacting some 1.4 million Bangladeshis. The Lives and Livelihoods Fund also provided an amount of US$19.6 million for the project designed to provide adequate and accessible sanitation and hygiene facilities with a focus on poor urban women and children.
Iraq will receive US$17 million for the reconstruction of Hawija Technical Institute which supports the Iraqi government in rebuilding conflict-affected areas.