KSA’s IsDB is backing sustainability projects: The Islamic Development Bank (IsDB) will provide c. USD 403 mn for three projects in Egypt, Kyrgyzstan, and Tajikistan under efforts to back socio-economic development and promote sustainable energy and transport, according to a statement released on Saturday.

Egypt’s high-speed rail is getting a boost: Egypt is set to receive the biggest chunk of the earmarked funds, with the IsDB set to provide EUR 318 mn (USD 344.5 mn) in financing to its 660-km first phase of the Sokhna-Alexandria high-speed rail line, the statement notes. The sixth-longest rail network in the world — described as a “climate-resilient electric express railway system” — will connect 60 Egyptian cities with trains running at up to 230 km/h, slashing greenhouse gas emissions by c.250k tons of CO2 annually. The IsDB will be joining several unnamed European banks who will be providing international funding for the high-speed rail link.

And Central Asia is getting support: IsDB will provide additional financing to the tune of USD 13 mn for Kyrgyzstan's Central Asia South Asia Electricity Transmission and Trade Project (CASA-1000) under a bid to meet growing demand for electricity in Afghanistan and Pakistan through cross-border energy exchange, the statement notes. The IsDB has already approved an initial USD 50 mn for the project. The project will use Kyrgyzstan and Tajikistan’s hydropower resources, paving the way for sustainable electricity trade between Central and South Asia when it goes live.