JEDDAH: A $1 billion refinery expansion in Bangladesh, major rail links in Turkiye and Uganda, and renewable energy projects in Africa are among the initiatives backed by a $2.8 billion financing package approved by the Islamic Development Bank.
The funding was signed off by the bank’s Board of Executive Directors at its 367th meeting, chaired by IsDB President Muhammad Al-Jasser and held on the sidelines of the 2026 IsDB Group Annual Meetings in Baku, Azerbaijan.
The approvals reflect the bank’s focus on improving connectivity, strengthening energy security, enhancing food systems and building climate resilience across member countries.
“The approvals highlight IsDB’s ongoing commitment to supporting transformative projects that enhance connectivity, energy security, food systems, climate resilience, and multiple Sustainable Development Goals across Member Countries,” the bank said.
The Jeddah-headquartered lender said the investments align with the theme of this year’s annual meetings, “Regional Integration for Sustainable Prosperity,” which emphasizes cross-border infrastructure, resilient energy systems and sustainable agriculture.
