By: AGBI

The Islamic Development Bank Group (IDB) board has approved investments worth $2.8 billion across projects in multiple countries, including Turkey.

The Jeddah-based lender will provide €660 million ($765 million) for the Istanbul North Rail Crossing (Inrail) project to support intercontinental rail connectivity, enabling freight and passenger movement between Europe and Asia.

In April, Ankara secured €1.7 billion from the World Bank for Inrail, which involves the construction of a 127km electrified, high-capacity railway crossing the Bosphorus Strait and connecting Istanbul’s two airports, bypassing the city’s metropolitan area.

The government also secured about $6.75 billion from six international financial institutions in February to help fund the railway project.

Financing of €650.75 million was approved for Uganda to construct a standard-gauge railway (Malaba–Kampala) project, which will lower transport costs, cut carbon emissions and generate 3,000 jobs.

Another $94 million was allocated to Tajikistan to rehabilitate the Rushan-Varshez road to improve regional trade connectivity.

A $22 million financing package was granted to Palestine to support solar power plants and improve energy security.

IDB is a multilateral development finance institution set up by the Organisation of Islamic Cooperation in 1973. It has since grown to include 57 member states, with Saudi Arabia as its largest shareholder.