The Islamic Development Bank has approved $1.12 billion in development financing for projects in nine member countries as it seeks to bridge fund gap in critical sectors.
The bank's board at a meeting in Jeddah gave the green light to funding for projects in sectors including food security, health, transport, energy, urban development, education, water and sanitation, the multilateral lender said.
The board meeting, headed by the bank’s president and chairman Muhammad Al Jasser, also discussed the existing financing gap in energy infrastructure needs in some of the member countries.
The lender approved two energy sector public private partnership (PPP) projects in Uzbekistan and Uganda, where governments are using the PPP model to attract private sector investment to accelerate economic growth.
The €100 million ($100.04m) Surkhandarya combined cycle power plant funding in Uzbekistan will help to meet the growing energy demand. It will allow the country to phase out its ageing and inefficient fleet of gas-fired thermal power plants, the bank said.
In Uganda, the financing of $100m, which is part of the Islamic tranche, will enable the country to export more of its oil through cross-border pipelines instead of using it to generate power.
In the sustainable transport sector, the bank approved $601.7m as sovereign financing, of which $200m was allocated to transport projects in Guyana, with Uzbekistan receiving $106.7m and Uganda $295m.
The projects are expected to enhance transport infrastructure, enable access to markets and boost tourism.
In the healthcare sector, the lender approved €205m funding for modernising six national referral hospitals in the country. The project aims to improve the availability and quality of oncology services for children and adults.
The bank's board at its 347th session also approved the debt restructuring of Queen Alia International Airport in Jordan, as well as changes to the financing mode for a 300-bed hospital project in Nigeria.
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
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- Disruption Lab and Research Centre for developing entrepreneurial skills
UAE currency: the story behind the money in your pockets
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
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- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
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Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
MATCH INFO
Rugby World Cup (all times UAE)
Final: England v South Africa, Saturday, 1pm
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Day 3, Dubai Test: At a glance
Moment of the day Lahiru Gamage, the Sri Lanka pace bowler, has had to play a lot of cricket to earn a shot at the top level. The 29-year-old debutant first played a first-class game 11 years ago. His first Test wicket was one to savour, bowling Pakistan opener Shan Masood through the gate. It set the rot in motion for Pakistan’s batting.
Stat of the day – 73 Haris Sohail took 73 balls to hit a boundary. Which is a peculiar quirk, given the aggressive intent he showed from the off. Pakistan’s batsmen were implored to attack Rangana Herath after their implosion against his left-arm spin in Abu Dhabi. Haris did his best to oblige, smacking the second ball he faced for a huge straight six.
The verdict One year ago, when Pakistan played their first day-night Test at this ground, they held a 222-run lead over West Indies on first innings. The away side still pushed their hosts relatively close on the final night. With the opposite almost exactly the case this time around, Pakistan still have to hope they can salvage a win from somewhere.
EA Sports FC 25
Developer: EA Vancouver, EA Romania
Publisher: EA Sports
Consoles: Nintendo Switch, PlayStation 4&5, Xbox One and Xbox Series X/S
Rating: 3.5/5
THE DETAILS
Solo: A Star Wars Story
Director: Ron Howard
2/5
