IDB allocates $220m for Egyptian power project

The Islamic Development Bank (IDB) has allocated $220m to finance a thermal power plant in Assiut as a part of a nearly $705m initiative to fund projects focusing on infrastructure, human development and education in “Muslim communities”, the bank announced in a statement.

Of the $705m, the bank set aside $630m for the infrastructure sector. In addition to funding Egypt’s power plant, the bank allocated $224.4m to reconstruct a road in Azerbaijan and $87.4m to develop water supply and sanitation programmes in West African Economic and Monetary Union countries.

These actions were approved during an IDB board meeting on Sunday in Jeddah, Saudi Arabia, led by the bank’s chairman Ahmed Mohamed Ali.
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