The 350th meeting of the Islamic Development Bank (IsDB) Board of Executive Directors on Saturday approved $ 344.5 million for financing Phase I of the Electric Express Train Project in Egypt.

The objective of the project is to provide access to safe, affordable, accessible, and sustainable transport systems for all by developing a 660km sustainable, green, and climate-resilient electric express railway system. This project is expected to benefit 25 million people annually and decrease Green House Gas (GHG) emissions by approximately 250,000 tons of CO2 annually.

The meeting was held In Saudi Arabia's Jeddah under IsDB President and Group Chairman Muhammad Al Jasser.

It approved three projects worth around US$ 403 million that support socio-economic development and promote sustainability in member countries in key sectors such as energy, education, and transport.

In his remarks, Jasser emphasized the significance of the approved projects, saying: "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. The IsDB Group remains committed to supporting its member countries in their pursuit of prosperity and resilience, particularly during these challenging times."

MENA