Islamic Development Bank pledges funding increase

The Islamic Development Bank (IDB) will increase financing for Islamic countries by +30% over the next two years to US$ 4.3 billion, with 33% earmarked for road and transport projects.

Speaking at a Road Contractors Symposium in Jeddah, Saudi Arabia, IDB Group president, Dr Ahmad Mohamad Ali said, "The Bank pays special attention to the development of infrastructure in its member countries, and in particular to the road sector in view of its vital role in stimulating economic and social growth.

"During the past five years, the transport and communications sector accounted for 29% of the projects financed by the Bank, with 230 projects receiving over US$ 3 billion," said Dr Ali. "More opportunities in the infrastructure sector will be available during the next three years with an estimated value of US$ 5 billion, and the Bank will work to ensure a sizeable portion of these opportunities go to Member Countries' road industry sectors," he confirmed.