At the 367th meeting of the Board of Executive Directors of the Islamic Development Bank (IsDB) held in Baku, a development financing package worth a total of $2.8 billion was approved.

Axar.az reports that the allocated funds will be directed toward financing projects in the fields of transport, energy, agriculture, and climate resilience.

Among the approved projects are the allocation of €650.75 million for the construction of a standard-gauge railway in Uganda, €660.35 million for the Istanbul Northern Railway Crossing Project in Turkiye, and more than $1 billion for the modernization of an oil refinery in Bangladesh.

In addition, the financing package includes support for the development of solar energy in Nigeria, the construction of solar power plants in Palestine, strengthening electricity infrastructure in Côte d’Ivoire, restoring road infrastructure in Tajikistan, as well as supporting agricultural projects in Gambia and Benin.

It was stated that the allocated funds will contribute to strengthening regional integration, increasing energy security, improving food security, and supporting sustainable economic development.