IsDB approves $2.8bn for refinery, rail and energy projects

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.

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