The Islamic Development Bank (IsDB) approved a $418 million fund for new development projects in four member countries including Tajikistan, Benin, Ivory Coast and Türkiye, the bank said in a statement on Saturday.
The bank's board approved four projects during its 355th meeting that focus on socio-economic development and sustainability, it announced during its annual meeting and golden jubilee in the Saudi capital of Riyadh.
The four-day meeting of the IsDB Group started on Saturday, gathering finance ministers, Islamic finance experts, and representatives from financial institutions, the private sector and nongovernmental organizations (NGOs.)
This year's theme is "Cherishing our Past, Charting our Future: Originality, Solidarity, and Prosperity."
Treasury and Finance Minister Mehmet Şimşek is set to attend the meetings held in Riyadh on behalf of Türkiye, on the occasion of the 50th anniversary of the establishment of the Islamic Development Bank.
According to the information obtained by Anadolu Agency (AA), Şimşek went to Saudi Arabia on Sunday.
Tajikistan received $150 million for the construction of the Rogun Hydropower Plant Project's Lot-4 to provide clean, affordable and reliable renewable electricity.
Benin received 60.6 million euros ($65 million) for the Root and Tuber/Regional Cassava Value Chains Development Project to improve food security, economic growth and household income through better production, processing, marketing and private sector involvement in the cassava, sweet potato and yam value chains.
The Ivory Coast secured 70.46 million euros ($75.5 million) in financing for its Root and Tuber/Regional Cassava Value Chains Development Project to boost food security, economic growth and household incomes through improved cassava production, processing, marketing, and private sector participation.
The board also approved 120 million euros ($128.5 million) for the Türkiye Nakkaş-Başakşehir Motorway Project, a subsection of the larger North Marmara Motorway government initiative.
"The main project aims to provide an alternative Bosporus crossing, significantly reducing traffic congestion, travel times, and greenhouse gas emissions," the bank noted.
The Islamic Development Bank Group has always reaffirmed its commitment to supporting member countries' pursuit of prosperity and achieving their sustainable development goals, while also strengthening their resilience to future development obstacles, the IsDB said.
On the sidelines of the meetings, important sessions will be held, such as the Governors' Roundtable Meeting, the Global Forum on Islamic Finance, the Private Sector Forum, the Philanthropy Forum and the Future Symposium Discussions.
Mohammed Al Jadaan, the Saudi minister of finance, said the annual meetings are an important platform to discuss ways to enhance cooperation among Islamic member nations, achieve sustainable and comprehensive development in Islamic nations, and transform their economies into sustainable and diversified economies capable of overcoming crises.
Chairperson of the bank, Muhammad Al Jasser, stated that the annual meetings this year came at a crucial time when the world is facing simultaneous and multiple crises, foremost among them being climate shocks and economic uncertainties, that led to an increase in global inflation.
Last year, the bank's annual meeting was held in the Saudi port city of Jeddah.