IsDB approves $128M for Türkiye's Nakkas-Basaksehir Motorway Project

The Islamic Development Bank (IsDB) has greenlit a $418 million fund to finance new development initiatives in Tajikistan, Benin, Ivory Coast and Türkiye.

During its 355th meeting held as part of its annual gathering and golden jubilee in Riyadh, Saudi Arabia, the bank's board approved four projects focusing on socio-economic development and sustainability.

Tajikistan will receive $150 million for Lot-4 construction of the Rogun Hydropower Plant Project, aimed at providing clean, affordable, and reliable renewable electricity.

Benin has been allocated €60.6 million ($65 million) for the Root and Tuber/Regional Cassava Value Chains Development Project, targeting improved food security, economic growth, and household income through enhanced production, processing, marketing, and private sector involvement in cassava, sweet potato and yam value chains.

The Ivory Coast secured €70.46 million ($75.5 million) for a similar initiative, the Root and Tuber/Regional Cassava Value Chains Development Project, aimed at bolstering food security, economic growth, and household incomes via enhanced cassava production, processing, marketing and private sector participation.

Additionally, the board approved €120 million ($128.5 million) for the Türkiye Nakkas-Basaksehir Motorway Project, a segment of the broader North Marmara Motorway government initiative.

The primary goal of the Türkiye Nakkas-Basaksehir Motorway Project is to offer an alternative Bosphorus crossing, significantly reducing traffic congestion, travel times, and greenhouse gas emissions, as noted by the bank.

Source: AA