IsDB Board Approves US$ 338 mln for Development Projects in Member Countries and Establishment of Afghanistan Humanitarian Trust Fund

The Board of Executive Directors of the Islamic Development Bank (IsDB), in its 344th meeting, virtually held on 13th February, under the chairmanship of IsDB President, H.E. Dr. Muhammad Al Jasser, approved the establishment and operationalization of the Afghanistan Humanitarian Trust Fund (AHTF) as a trust fund to be administered by the IsDB. The OIC Foreign Ministers entrusted IsDB to establish and operationalize the AHTF to serve as a vehicle to channel humanitarian and development assistance to Afghanistan.

The Board welcomed the OIC invitation to its member states, Islamic financial institutions, donors, and other international partners to announce pledges and contributions to the Fund and to provide humanitarian assistance to Afghanistan.

For project financing, it approved  US$ 337.63  million for transport, agriculture, and human capital development projects in Guinea, Cote d’Ivoire, and Senegal.

The Board Members also cleared the draft agenda of the 47th Annual Meeting of the IsDB Board of Governors, which will take place in June 2022 in the Arab Republic of Egypt.

They were briefed on the latest activities related to the sixth general increase in the Bank’s capital and the financing plan and strategy for 2022, and the results of the comparison between the administrative expenses of the Islamic Development Bank and other multilateral development banks.

The Board also reviewed the tenth report on the business continuity management procedures of the Islamic Development Bank Group (BCM) to mitigate the effects of COVID-19 on staff safety and the Bank’s operations. The Board Members reviewed the tenth progress report on the Strategic Program for Preparedness and Response of the Islamic Development Bank Group to counter the effects of the COVID-19 pandemic on member states.

Meantime, the new development projects approved during the 344th meeting of the Board of Executive Directors are as follows:

Guinea

• US$ 27.6 million to support the development of the Technical and Vocational Education Project-ERAM Phase II. The Project will strengthen human capital development by increasing access to vocational education and training through the construction and equipping of two Technical and Vocational Education and Training schools with the capacity of 800 students. It will also enhance the quality of the vocational training and improve the labor market relevance through the introduction of three new trades (agri-food, mining, and crafts), with 140 academic and administrative staff trained in targeted areas.

Cote d’Ivoire

• US$ 40 million for Hydro-Agricultural Development Project in Upper Sassandra and Fromager Regions (Phase III). This project’s major development objective is to contribute to increasing the incomes of actors along the rice value chain and ensure food and nutritional security. The project will also contribute to increasing the rice production by 20,000 tons, market garden products by 6,156 tons, fishing products by 780 tons, and the vegetable yield (tomato) from 10 to 18 tons/hectare.

Senegal

• US$ 270 million for the Construction of Dakar – Tivaouane – Saint Louis Highway/ Mekhe – Saint Louis Section. The construction of this project falls in line with IsDB’s 10-year strategy and its Transport Policy. The project will boost economic development and reinforce national cohesion and regional integration. Once completed, the main key results of the project include savings on Vehicle Operating Costs and travel time, better access to social services and facilities, and improved living conditions for the population.