According to a statement from the bank, the Islamic Development Bank on Saturday approved $403 million for a variety of projects in member nations.
The first phase of Egypt's electric express train project has been approved for funding in the amount of $344.5 million.
The 660-km railway project will link the Egyptian port cities of Alexandria and Marsa Matrouh on the Mediterranean with Ain Sokhna on the Red Sea. It will provide yearly benefits to 25 million people and reduce carbon emissions by about 250,000 tonnes.
“The transformative projects approved in this board meeting will have a significant impact on improving transportation, education, and energy, as well as promoting regional economic integration and addressing emergency situations,” said Muhammad Al-Jasser, IsDB president and board chairman.
The bank also further approved additional financing of $13 million for the Central Asia-South Asia Electricity Transmission and Trade Project (CASA-1000) in Kyrgyzstan.
The project was given a $50 million initial approval from the bank.
As per statement, the project aims to promote cross-border energy exchange among four IsDB member nations by utilising the hydropower resources of Kyrgyzstan and Tajikistan in order to meet the electricity demand in Afghanistan and Pakistan.
Once in operation, the project will make use of the efficient and environmentally friendly domestic hydropower resources of Kyrgyzstan and Tajikistan, paving the way for long-term electricity commerce between Central and South Asia.
The second phase of Tajikistan's national education development strategy is being implemented as part of the third project that has been approved.
“The IsDB Group remains committed to supporting its member countries in their pursuit of prosperity and resilience, particularly during these challenging times,” Al-Jasser added.
Al-Ahly Bank and Banque Misr in Egypt have released new three-year savings certificates with annual rates that decrease from 22% in the first year to 18% in the second to 16% in the third.
A new fixed saving certificate with a return of 19 percent over three years was also released by the two banks.
The Central Bank of Egypt increased interest rates by 200 basis points before the two banks made their decision.