Islamic Dev Bank finances $863m projects

IDB signs loan agreement with Kyrgyz Republic

Bishkek/Jeddah

Adylbek Kasymaliev, Minister of Finance of the Kyrgyz Republic and Hisham Taleb Maarouf, Director of the Regional Office Almaty of the Islamic Development Bank Group, signed the Loan Agreement for financing of the Rural Water Supply and Sanitation Improvement Project. Total amount of the loan financing is US$ 20 million. It merits highlighting that the loan is sourced from the concessional resources of the Islamic Development Bank and the Islamic Solidarity Fund for Development.
The Project development objective is to assist the Kyrgyz Republic to (i) improve access and quality of water supply in target rural communities, (ii) improve sanitation services primarily in schools, and health centers in the selected villages and (iii) strengthen capacity of institutions in the water supply and sanitation sector. Upon project completion, the result expected is the improved water supply and access to safe drinking water and sanitation to the current local population of about 78,000 residing in 24 villages of Jalal-Abad region of the Kyrgyz Republic.
Meanwhile, the Islamic Development Bank has approved finances worth $863 million for developmental projects in a number of member countries during its 316th meeting here, Saudi Press agency reported on Sunday.
Out of this sum, $208 million goes to road projects in the Republic of Guinea; $170 million for the third phase of a solar generation project in the United Arab Emirates; $105 for an Aluminium company in Bahrain; $94 million for a rural development project in Morocco; $92.3 million project for combating malaria in Senegal; $91.5 million for roads rehabilitation project in Togo; $60 million for establishing and equipping a public hospital along the Atlantic coast in Djibouti; a loan worth $8 million to finance a solar generation in Chad; $5 million for power generation project in Jordan; and $4 million for power generation in Mali.—Agencies

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