IDB funds Pakistan wind power project
17 January 2012
The Islamic Development Bank (IDB) approved funding of US$ 321.8 million for Muslim communities across the world at the recent meeting of the board of executive directors.
The IDB funding includes US$ 140 million finance for the Sindh Province of Pakistan to develop wind-powered electricity. Remote areas of Sindh Province are still without electricity.
The IDB funding will go part way towards the Pakistan Alternative Energy Development Board's (AEDB) plans to increase power generation to the area through alternative sources. Ten wind turbine projects are at various stages of development, and could add up to 550 MW of power by 2013.
Other projects receiving funding from the IDB include a US$ 50 million investment (which is to be raised to US$ 150 million at a later stage) in the Arab Financing Facility for Infrastructure (a joint initiative between IDB and the World Bank's IFC).
In Uganda the Mulago Referral Hospital Project will receive US$ 30.7 million, Egypt's National Agriculture Subsurface Draining Project will receive US$ 32.3 million and Tajikistan will benefit from US$ 17.5 million to finance the development of secondary schools.
Grants of up to US$ 1.3 million for educational and health projects for Muslim communities in China, Northern Cyprus, Ethiopia, India, Venezuela and the Philippines were also approved by the Board.
