������Ƶ

JEDDAH: Job creation, better health care, and greener transportation are set to advance in several member countries as the Islamic Development Bank approved $277 million in financing.

In its 361st meeting, chaired by President Mohammed bin Sulaiman Al-Jasser, the IsDB approved financing for projects in Mauritania, Cote d’Ivoire, and The Gambia, it said in a statement on July 7.

As a leading multilateral development institution in the Islamic world, the IsDB focuses on fostering inclusive economic growth, strengthening human capital, and enhancing infrastructure across its 57 member countries. Through long-term partnerships and targeted investments in key sectors, the bank supports sustainable development and improves the quality of life throughout the Islamic nation.

The Jeddah-headquartered global funding organization added that this round of development financing highlights its firm commitment to transformative projects that generate tangible impact and advance the UN Sustainable Development Goals.

“The approved financing package spans vital sectors, namely health care, education, and transportation and is focused on addressing urgent development challenges, from improving urban mobility to strengthening public health systems and building human capital,” the statement said.

In Mauritania, the IsDB allocated €26.18 million ($30.7 million) to expand the National Cardiology Center in Nouakchott. The initiative aims to enhance the country’s capacity to prevent and treat cardiovascular diseases, a leading cause of premature death, and improve access to specialized, life-saving care for thousands of people, the statement added.

In Cote d’Ivoire, a €200 million financing package will support the Abidjan Sustainable and Integrated Urban Mobility Project, a major initiative to upgrade the city’s public transportation system.

The undertaking seeks to enhance access to financial and social opportunities while boosting the efficiency of transit along the Yopougon-Bingerville corridor and its feeder lines in Abidjan, the country’s economic capital and largest city.

It also aims to reduce congestion, encourage greener transportation, and facilitate easier travel for residents — especially those in underserved areas — to jobs, schools, and essential services.

In The Gambia, meanwhile, the bank is investing $32.20 million to help establish the School of Medicine and Allied Health Sciences at the University of The Gambia.

“This initiative will help address the country’s critical shortage of health care professionals by building a pipeline of locally trained doctors, nurses, and public health experts, ultimately improving the quality and resilience of the national health system,” the statement said.

In May, the IsDB approved over $1.32 billion in funding for key projects during its 360th board meeting. The funding included a $632 million flood protection dams project in Oman aimed at reducing climate-related risks, a €212 million road rehabilitation initiative in Cameroon to enhance regional connectivity, and major infrastructure improvements in Burkina Faso.

Spanning sectors such as health, infrastructure, food security, vocational training and water access, the investments also reflected the bank’s comprehensive approach to promoting sustainable development in its member states.

SINGAPORE: Oil prices retreated on Tuesday after rising almost 2 percent in the previous session as investors assessed new developments on US tariffs and a higher-than-expected OPEC+ output hike for August.

Brent crude futures dipped 22 cents, or 0.3 percent, at $69.36 a barrel by 8:30 a.m. Saudi time. US West Texas Intermediate crude fell 27 cents, or 0.4 percent, at $67.66 a barrel.

US President Donald Trump on Monday began telling trade partners, which included major suppliers South Korea and Japan as well as smaller US exporters like Serbia, Thailand and Tunisia, that sharply higher US tariffs will start Aug. 1, though he later said that deadline was not 100 percent firm.

Trump’s tariffs have prompted uncertainty across the market and concerns they could have a negative effect on the global economy and, consequently, on oil demand.

However, there are some signs current demand remains strong, particularly in the US, the world’s biggest oil consumer, which has supported prices.

A record 72.2 million Americans were projected to travel more than 50 miles (80 km) for Fourth of July vacations, data from travel group AAA showed last week.

Investors were bullish heading into the holiday period with data from the US Commodity Futures Trading Commission released on Monday showing money managers raised their net-long futures and options positions in crude oil contracts in the week up to July 1.

“Prompt demand remains healthy on the back of seasonal factors. The question remains if forward demand will maintain to absorb the larger-than-expected supply from OPEC+,” said Emril Jamil, a senior analyst at LSEG Oil Research.

Other signs of higher demand were seen in India, the world’s third-largest oil consumer, with government data reporting fuel consumption in June was 1.9 percent higher than a year ago.

On Saturday, the Organization of the Petroleum Exporting Countries and allies, a group known as OPEC+, agreed to raise production by 548,000 barrels per day in August, exceeding the 411,000-bpd hikes they made for the prior three months.

The decision removes nearly all of the 2.2 million-bpd of voluntary cuts the group enacted. They are set to approve an increase of about 550,000 bpd for September when it meets on Aug. 3, according to five sources familiar with the matter, which would unwind all of the cuts.

However, actual output increases have been smaller than the announced levels so far and most of the supply has been from ������Ƶ, analysts said.