Islamic countries to invest $1.2 trillion in infrastructure

Jeddah, June 10, SPA -- The Jeddah-based Islamic Development Bank(IDB), the Muslim world’s premier multilateral financial institution, estimates that its 56 member countries are set to invest up to $1.2 trillion in infrastructure over the next 10 years to meet the rapidly growing demand for telecom, transport, power, water and other infrastructure services. “Around $675 billion will be used to finance new telecom and power projects, some half of which will be in GCC (Gulf Cooperation Council) states, while an additional $290 billion is to be invested in expanding and upgrading air, sea and land transport infrastructure, with half of that investment taking place in Asia� Dr. Amadou Boudacar Cisse, IDB vice president was quoted as saying by the Jeddah-based Saudi Gazette in a report published today. Another major investment area targeted by IDB member countries will be water, where as much as $115 billion will be invested to expand and improve the provision of water and sanitation services over the next decade. Nearly 60 percent of this investment will be in Arab and African IDB member countries, he added. Cisse said IDB sees a greater role for the private sector in meeting demand for infrastructure projects such as the new Hajj and Umrah terminals, Petro Rabigh and SABIC’s Yansab petrochemical project. Mohammed Binladin, vice president of the Saudi Binladin Group, presented the new Hajj and Umrah terminals construction and development project, which is expected to significantly improve both the handling capacity and quality of service provided at the Kingdom’s main gateway.