Deal Round-Up: Islamic Development Bank approves US$453 million infrastructure projects
Steve Hoare
The Islamic Development Bank has approved various infrastructure projects for five member countries, totalling US$453 million. Tunisia will benefit from a US$78.7 million water project. Suriname gets US$35 million for an affordable housing project. The Bank will lend Turkey US$200 million for its Clean Energy and Energy Infrastructure Programme. Uganda agreed a US$60 million loan for its Local Economic Growth Project. Jordan’s Emergency Health Project received US$79 million.
The Japan International Cooperation Agency (JICA) will lend the Chennai Metro Project an extra JPY40 billion (US$360 million), bringing the amount it has invested in the project to around US$1.64 billion.
JICA also signed an agreement with the Government of Zambia to provide grant aid of up to 9 billion (US$35 million) to upgrade Lusaka’s health centres to district hospitals.
The China Development Bank has made an €80 million loan to the Bulgaria Development Bank, mostly to finance Bulgarian SMEs but it can also be used to support one belt, one road projects in China.
The African Development Bank (AfDB) lent nearly US$1 million to Zimbabwe’s Oxygen Energy for development of a 20 megawatt solar project on the rooftops of buildings owned by Old Mutual.
The AfDB also gave Namibia a boost with a US$226.5 million loan to finance Namibia’s Economic Governance and Competitiveness Support Programme.
The World Bank Group’s IFC is planning to US$50million in the Banking on Women project of Bangladesh’s Brac Bank and it will invest US$6 million in Bangladesh clothing company Ananta Apparels. It is also proposing a US$3 million loan in South Korean garment manufacturer Hansae to set up a factory in Haiti. The IFC is proposing a US$25 million loan to Mahindra Rural Housing to provide finance for affordable housing in rural and semi-urban areas of India and will invest US$100 million in non-convertible debentures to be issued by Mahindra & Mahindra Financial Services. Brazilian wireless infrastructure operator Phoenix Towers will benefit from a Br$40 million (US$13 million) loan. Finally, India’s Max Healthcare will receive US$75 million to develop its healthcare centres.