BAKU, Azerbaijan, June 16. The Board of Executive Directors (BED) of the Islamic Development Bank (IsDB), chaired by IsDB President, Dr. Muhammad Al Jasser, has approved a significant development financing package of US$ 2.8 billion, Trend's correspondent reports.
The decision was made at its 367th meeting, held during the 2026 IsDB Group Annual Meetings in Baku, Azerbaijan.
A EUR 650.75 million financing was approved for Uganda to construct the Standard Gauge Railway (Malaba–Kampala) Project, creating a modern, high-capacity, low-carbon railway network that will lower transport costs, reduce travel times, improve passenger safety, cut CO₂ emissions, and generate an estimated 3,000 jobs.
For the Republic of Türkiye, EUR 660.35 million was approved for the Istanbul North Rail Crossing Project to bolster intercontinental rail connectivity, enabling seamless freight movement between Europe and Asia parts of Istanbul and enhancing passenger mobility.
US$ 93.80 million was approved for Tajikistan to fund the Rushan-Varshez Road Rehabilitation Project to improve regional trade connectivity, boost transport efficiency, and strengthen resilience to climate-related risks.
For Nigeria, US$ 150 million was approved for the Niger State Solar Energy Development Project to expand clean electricity generation, enhance power reliability, diversify the energy mix, and support climate mitigation efforts.
An EUR 86.55 million approval was granted to Côte d’Ivoire for the Electric Power System Infrastructure Reinforcement and Electricity Access Project Phase II to expand electricity access, improve service quality, and reinforce the power distribution network.
A US$ 22 million financing was approved for Palestine for the PV Solar Power Plants Project (Phase I) to improve energy security, expand affordable electricity access, and enhance resilience for vulnerable communities.
US$ 1,004.29 million was approved for Bangladesh for the Modernization and Expansion of the Eastern Refinery Project to boost energy security, increase domestic supply capacity, and ensure the availability of affordable, more sustainable petroleum products domestically.
A US$ 30.01 million financing was approved for The Gambia's Cattle Production and Productivity Improvement Project to elevate cattle production, boost household incomes, and strengthen food and nutrition security.
The BED also approved EUR 19.17 million for Benin for the Sustainable Intensification of Legume-Based Systems for Soil Fertility, Agriculture Resilience, and Food Security Project to increase agricultural productivity, enhance food security, and improve climate resilience among smallholder farmers.
