The Islamic Development Bank (IsDB) has given the greenlight for $344.5mn in financing for Phase I of the Electric Express Train Project in Egypt.
According to IsDB, the project is being implemented to provide access to safe, affordable, accessible and sustainable transport systems for all by developing a 660km sustainable, green, and climate-resilient electric express railway system. The project is expected to benefit 25m people annually and decrease greenhouse gas (GHG) emissions by approximately 250,000t of CO2 annually.
The project was approved by IsDB at its 350th board meeting in Jeddah. Chaired by IsDB President and Group Chairman Dr Muhammad Al Jasser, the meeting is said to have approved funds for projects, including boosting infrastructure in IsDB member states Egypt, Kyrgyzstan and Tajikistan, that “support socio-economic development and promote sustainability” in member countries in key sectors such as energy, education, and transport.
Dr Al Jasser explained, “These transformative projects will have a significant impact on improving transportation, education, and energy, as well as promoting regional economic integration and addressing emergency situations. The IsDB Group remains committed to supporting its member countries in their pursuit of prosperity and resilience, particularly during these challenging times.”
The board also approved an additional financing of $13mn for the Central Asia South Asia Electricity Transmission and Trade Project (CASA-1000) in the Republic of Kyrgyzstan. The bank had originally approved $50mn towards this project, which aims to meet the electricity demand in Afghanistan and Pakistan, through the establishment of cross-border energy exchange among four IsDB member countries as part of the bank’s regional economic integration strategy.
Once operational, the project will leverage efficient and environmentally friendly indigenous hydropower resources of Kyrgyzstan and Tajikistan, creating conditions for sustainable electricity trade between Central and South Asia, said the statement from IsDB, the statement noted.
