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ECONOMY

Historic decision in Baku: $2.8B package approved

The Islamic Development Bank approved a $2.8 billion development financing package at its Baku meeting, covering transport, energy, agriculture, and climate resilience projects.

Robert Moore
ByRobert Moore- Senior Editor
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Historic decision in Baku: $2.8B package approved
Photo: Prepared by Bond.az

The Islamic Development Bank (IsDB) approved a development financing package worth $2.8 billion at its 367th Board of Executive Directors meeting in Baku.

The funds will finance projects in transport, energy, agriculture, and climate resilience.

Key projects include a railway in Uganda ($650.75M), Istanbul Northern Railway Crossing in Turkey ($660.35M), an oil refinery modernization in Bangladesh (over $1 billion), solar projects in Nigeria and Palestine, electricity infrastructure in Côte d'Ivoire, road rehabilitation in Tajikistan, and agricultural projects in Gambia and Benin.

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