Islamic Development Bank grants $500m for Bahrain and Jordan

The board of the Islamic Development Bank Group has approved investments worth $2.4 billion across projects in six countries, including Bahrain and Jordan.

The Jeddah-based IDB will invest $330 million to expand Bahrain’s industrial capacity. This will include the development of reclaimed land and the upgrading of utilities and connectivity, which will encourage the setting up of more advanced manufacturing and export-orientated industries, boost private investment and stimulate job creation, it said in a statement.

It also approved $160 million to promote the utilities, water and urban development sectors in Jordan. This is intended to secure the future supply of drinking water for Aqaba, Amman and the northern regions of the country, helping to mitigate the impacts of climate change, drive economic growth and promote private-sector involvement in the water sector.

IDB approved $135 million for the upgrading of the Dakar Expressway project in Senegal, $40 million for the Central Asia South Asia electricity transmission and trade project in Tajikistan, $1.3 billion for the development of economic and industrial zones in Kazakhstan and $437 million to improve agricultural productivity in Azerbaijan.

In December 2024 the Arab Coordination Group, an alliance of 10 development funds, agreed to provide $10 billion by 2030 to combat land degradation, desertification and drought. 

IDB is a multilateral development finance institution headquartered in Jeddah. Set up by the Organisation of Islamic Cooperation in 1973, it has since grown to include 57 member states, with Saudi Arabia as its largest shareholder.

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