Saudi’s Islamic Development Bank approves $200mln for PPP energy projects – EQ Mag Pro
Projects are located in Uzbekistan and Uganda
Saudi-based Islamic Development Bank (IsDB) has approved $200 million to support the development of energy projects through public -private partnership (PPP) mode in Uzbekistan and Uganda
The projects form part of a $1.12 billion allocation for development projects in nine member countries, according to an IsDB press statement.
The statement said the bank approved $100.87 million for the Surkhandarya combined cycle power plant project in Uzbekistan, which will help substitute the aging and inefficient fleet of gas-fired thermal power plants.
In Uganda, the bank has provided $100 million financing as part of the Islamic tranche for the East Africa Crude Oil Pipeline (EACOP) project. The 1443-kilometre cross-border buried-heated crude oil pipeline will enable the Uganda to export its oil to international markets.
Additionally, the bank approved $601.7 million, as sovereign financing, for transport projects in Guyana ($200 million), Uzbekistan ($106.7 million), and Uganda ($295 million).
These projects will enhance access to infrastructure, facilitate access to markets for farmers and traders, and reinforce regional integration and tourism for the member countries, the statement stated.