IsDB Commits Over €70 Million to Enhance Sierra Leone’s Socio-Economic Development
Sierra Leone is set to embark on a transformative journey with a €70.32 million (approximately US$72.29 million) investment, aimed at revitalizing its socio-economic landscape through groundbreaking soil stabilization technology. This initiative is not only focused on improving essential social and economic infrastructure but also on fostering regional integration to enhance community resilience.
This funding is part of a broader strategy by the Islamic Development Bank (IsDB), which has pledged over US$3 billion across 20 development projects in 17 member countries. The IsDB’s comprehensive approach targets vital sectors such as transport, energy, agriculture, water resources, food security, health, and social development, aligning with the bank’s vision of promoting resilience and sustainability in developing nations.
In a statement made during the 357th Board meeting on October 14, 2024, IsDB President H.E. Dr. Muhammad Al Jasser emphasized the crucial role of infrastructure in driving economic growth. He stated, “Investing in our member countries’ infrastructure is key to unlocking their potential and fostering regional collaboration. This project in Sierra Leone is a testament to our commitment to building a sustainable future.”
Sierra Leone is among several countries receiving significant funding. Kazakhstan will benefit from US$1.15 billion aimed at enhancing climate-resilient water resources, while Jordan will receive US$200.3 million to bolster food security initiatives. Morocco’s hydropower project is set to receive €441.82 million, illustrating the IsDB’s focus on renewable energy. Additionally, Pakistan will gain US$118.40 million for poverty alleviation efforts, and The Gambia will receive US$40 million to boost its transport sector.
This strategic investment from the IsDB highlights its commitment to fostering sustainable development and equitable prosperity across its member states. By addressing immediate challenges and investing in long-term resilience, the IsDB aims to empower nations like Sierra Leone to build a brighter, more sustainable future for their citizens.
