Sunday Okobi in Baku, Azerbaijan
As the Islamic Development Bank (IsDB) Group officially commenced its 2026 Annual Meetings in Baku, Azerbaijan, yesterday under the high patronage of the President of the Republic of Azerbaijan, His Excellency Mr. Ilham Aliyev, the Board of Executive Directors (BED) of the Bank chaired by IsDB President, H.E. Dr. Muhammad Al Jasser, has approved a significant development financing package of US$ 2.8 billion in major development financing for member countries.
The bank leaders stated that 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(SDGs) across Member Countries, including Nigeria.
For Nigeria, the IsDB leader disclosed that 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.
Also, in Uganda, a EUR 650.75 million financing was approved to construct the Standard Gauge Railway (Malaba–Kampala) project, to create a modern, high-capacity, low-carbon railway network that will lower transport costs, reduce travel times, improve passenger safety, cut CO emissions, and generate an estimated 3,000 jobs.
