The Islamic Development Bank (IsDB) plans to invest USD 4.5 bn in as many as 57 sustainable and infrastructure projects across member states this year, chairman Muhammad Al Jasser told Aleqtisadiah. This is up from USD 4.3 bn that the Jeddah-based multilateral lender committed to 40 projects last year, he said.

Already in the pipeline: The IsDB has already approved allocating USD 533 mn in fundingsince the start of the year for projects in Africa and Asia. These include a transportation project in Nigeria and agriculture projects in Benin, Cameroon, Senegal and Tajikistan. It also approved an energy project in Malaysia and a solar plant in Uzbekistan.

The breakdown: Some 58% of total funds for this year will be channeled into the energy and transportation sectors, according to Jassir. The agriculture and education sectors will then follow with 19% and 9%, respectively. The remainder of the funds will be distributed between rural and water and urban development, health and finance. MENA will account for 32% of total investments with Asia and the rest of Africa getting 34% and 32%, respectively. The bank has also included South America, which will account for 2% of investments this year.

The IsDB’s annual meeting in Riyadh next week will serve as a window for member countries to mull economic ties and maximize cooperation with participating financial institutions, Al Jasser said. The meeting, which will also include the IsDB’s Golden Jubilee to mark the bank’s 50th anniversary, will see participation from policymakers, the private sector, financial institutions and the private sector. It will run from Saturday, 27 April until Wednesday, 30 April.

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