(Ecofin Agency) - During its 357th board meeting, the Islamic Development Bank announced a $3 billion funding package for 17 of its member countries.

On October 14, the Islamic Development Bank (IsDB) approved more than $1.2 billion in funding for nine African member countries. The decision was made during a board meeting in Jeddah, Saudi Arabia. This initiative aims to boost resilience, sustainability, and economic growth in key sectors such as transport, energy, agriculture, water resources, food security, health, and social development.

Senegal and Togo will receive about $131.2 million to improve agricultural productivity. Cameroon, The Gambia, and Comoros will share $231.3 million to enhance their transport systems. Morocco will be granted $472.92 million to build a hydroelectric power plant to meet the rising demand for clean energy. Côte d'Ivoire will be allocated $278.2 million for highway projects to promote regional integration and boost agricultural production. Sierra Leone is set to receive $72.29 million to improve access to social and economic infrastructure through new soil stabilization technologies. Mozambique will benefit from $19.8 million to strengthen its health system, improve access to essential services, and expand health sciences training.

These funds are part of a broader $3 billion package announced by the IsDB for 17 countries during its board meeting. In its statement, the bank emphasized that “Reiterating IsDB’s continued commitment to spearheading resilience and sustainable economic growth, H.E. Dr. Al Jasser noted the importance of the approved projects and the major role they would play in creating significant positive impacts on infrastructure, fostering regional economic integration and improving resource management in line with national development priorities of the Bank’s member countries”.

The bank has 27 African countries among its 57 members. According to Mansur Muhtar, IsDB’s Vice President of Operations, since its founding in 1975 until June 2022, the bank has provided $65 billion in funding to African countries, including about $20 billion for trade financing.

IsDB will also contribute $10 million to the Health Impact Investment Platform, in partnership with the World Health Organization, to support global health improvements.