The Islamic Development Bank (IsDB) has approved an additional financing of $13 million for the Central Asia South Asia Electricity Transmission and Trade Project (CASA-1000) in the Republic of Kyrgyzstan.
In a press statement, issued after the meeting of Board of Executive Directors held in Jeddah, ISDB said that it had originally approved $50 million towards this project.
The CASA-1000 project aims to meet the electricity demand in Afghanistan and Pakistan through the establishment of cross-border energy exchange among four IsDB member countries as part of the Bank’s regional economic integration strategy.
The project aims to connect the electricity exporting countries of Kyrgyzstan and Tajikistan with Afghanistan and Pakistan to supply these countries with electricity to benefit households and business who suffer from chronic power cuts during the summer months.
Once operational, the project will utilize efficient and environmentally friendly indigenous hydropower resources of Kyrgyzstan and Tajikistan, creating conditions for sustainable electricity trade between Central and South Asia.
Chaired by IsDB President and Group Chairman Dr. Muhammad Al Jasser, the meeting approved three projects worth around $403 million that support socio-economic development and promote sustainability in member countries in key sectors such as energy, education, and transport.
