The Islamic Development Bank (IsDB) has approved $2.41 billion in financing for major infrastructure and development projects across its member countries, including Bahrain and Jordan.

The huge outlay is dedicated to advancing the United Nations Sustainable Development Goals (SDGs), focusing on economic diversification, climate resilience, regional cooperation and critical infrastructure for energy, water and transport.

Among the beneficiaries, Kazakhstan has been allotted the biggest chunk of the funds worth more than $1.307 billion for its economic and industrial zones.

Bahrain will get $330.07 million for industrial expansion, which includes developing reclaimed land and utilities to boost the logistics sector.

Jordan will receive $160 million for water and urban development that seeks to secure drinking water supplies for Aqaba and Amman to alleviate water stress.

The funding also includes EUR 116 million ($134.88 million) to upgrade the Dakar Expressway in Senegal, $40 million to improve regional energy access in Tajikistan and $436.67 million for Azerbaijan’s agriculture and irrigation.

(Writing by Cleofe Maceda; editing by Seban Scaria) seban.scaria@lseg.com