BAKU, Azerbaijan, June 16. The Board of
Executive Directors (BED) of the Islamic Development Bank (IsDB),
chaired by IsDB President, Dr. Muhammad Al Jasser, has approved a
significant development financing package of US$ 2.8 billion,
Trend’s correspondent reports.
The decision was made at its 367th meeting, held during the 2026
IsDB Group Annual Meetings in Baku, Azerbaijan.
A EUR 650.75 million financing was approved for Uganda to
construct the Standard Gauge Railway (Malaba–Kampala) Project,
creating a modern, high-capacity, low-carbon railway network that
will lower transport costs, reduce travel times, improve passenger
safety, cut CO₂ emissions, and generate an estimated 3,000
jobs.
For the Republic of Türkiye, EUR 660.35 million was approved for
the Istanbul North Rail Crossing Project to bolster
intercontinental rail connectivity, enabling seamless freight
movement between Europe and Asia parts of Istanbul and enhancing
passenger mobility.
US$ 93.80 million was approved for Tajikistan to fund the
Rushan-Varshez Road Rehabilitation Project to improve regional
trade connectivity, boost transport efficiency, and strengthen
resilience to climate-related risks.
For Nigeria, US$ 150 million was approved for the Niger State
Solar Energy Development Project to expand clean electricity
generation, enhance power reliability, diversify the energy mix,
and support climate mitigation efforts.
An EUR 86.55 million approval was granted to Côte d’Ivoire for
the Electric Power System Infrastructure Reinforcement and
Electricity Access Project Phase II to expand electricity access,
improve service quality, and reinforce the power distribution
network.
A US$ 22 million financing was approved for Palestine for the PV
Solar Power Plants Project (Phase I) to improve energy security,
expand affordable electricity access, and enhance resilience for
vulnerable communities.
US$ 1,004.29 million was approved for Bangladesh for the
Modernization and Expansion of the Eastern Refinery Project to
boost energy security, increase domestic supply capacity, and
ensure the availability of affordable, more sustainable petroleum
products domestically.
A US$ 30.01 million financing was approved for The Gambia’s
Cattle Production and Productivity Improvement Project to elevate
cattle production, boost household incomes, and strengthen food and
nutrition security.
The BED also approved EUR 19.17 million for Benin for the
Sustainable Intensification of Legume-Based Systems for Soil
Fertility, Agriculture Resilience, and Food Security Project to
increase agricultural productivity, enhance food security, and
improve climate resilience among smallholder farmers.
