The Islamic Development Bank (IsDB) is holding its annual meetings in Algeria for the first time in 24 years from Monday to Thursday, with a focus on expanding investment in Africa.
The Saudi-based bank's annual meeting brought to the Algerian capital Algiers investors from across the Muslim world looking for business opportunities in the region.
Pursuing its sustainable development goals, Algeria announced dedicating one million hectares of land in its south to foreign investment in agriculture.
"Food processing and food industries are also within our priorities. Another sector that has shown great demand for is renewable energy. We are proceeding to give major investment opportunities in this field. Tourism is an industry that is very promising. It's a foreign currency generator with a massive added value to our economy," said Omar Rekkache, director general of the Algerian Investment Promotion Agency.
The IsDB and Algeria together are eying to boost intra-African trade through investing in infrastructure required to enhance continental connectivity.
"We are working on logistics to intensify all that is related to aviation and maritime transportation. We even have major projects underway to expand the local Algeria rail network and also possibly connect it to rail networks in neighboring countries. Another major project is a road that will connect the Mediterranean Sea and the Gulf of Guinea, going through Niger and Nigeria," said Soufiane Mazari, head of Islamic Finance Division at Algerian Popular Loan (Credit Populaire d'Algerie).
The Islamic Development Bank is made up of the 57 member states forming the Organization of Islamic Cooperation, 20 countries of which are African, thus making the continent's development essential for the bank's mission.
"Africa has been one of the largest beneficiaries of our services both on the insurance side and the financing side. We see still huge potential to support this area because the demand in Africa is huge, especially for infrastructure that connects intra African countries, which is still a big challenge and this is key for any investment to come to any African country," said Khalid Khalafallah, CEO of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC).
One billion U.S. dollars-worth of agreements were signed during the meeting, which involve a wide scope of developmental projects from agriculture projects in the Gambia to flood dams in Oman.
IsDB looks for expanding investment in Africa
IsDB looks for expanding investment in Africa
A major port in northern Venezuela came under U.S. airstrikes in the early hours of January 3, which caused extensive damage to civilian infrastructure, destroyed critical medical supplies in a warehouse, and severely impacted centuries-old cultural heritage sites, according to local residents.
The La Guaira Port, a vital hub for imports that support daily life in the region, was heavily damaged during the attack.
Large quantities of medical supplies stored at the port were destroyed. A historic cultural building dating back for some 300 years was also badly damaged by the bombardment.
Residents living near the port recalled the terrifying scenes as explosions shook nearby neighborhoods.
Humberto Bolivar, who lives in a community separated from the port by only a main road, said the blast waves shattered his home's windows, while stray shrapnel struck the water tank on his roof. According to reports, three missiles were fired at the port that night.
Bolivar said that beyond material losses, he is most concerned about the psychological impact on his children, who remain too frightened to leave their home days after the attack.
"The United States invaded our country. The children were frightened. This is not good for them, because it leaves some children with psychological trauma. They do not want to go to school or leave the house, because they are afraid that something worse might happen. We truly do not want this to happen to our country," he said.
Apart from civilian facilities, local cultural heritage site was also affected.
The La Guaira state government building, a structure with nearly 300 years of history and once served as the site of Venezuela's first national customs office, was struck by the force of the explosions.
Windows of the building were shattered, and furniture scattered across the floor.
"As people of La Guaira, we feel deep pain. Our cultural heritage has been bombed. We are living in constant anxiety and suffering, and life can no longer be the same as it was before," said a local named Henry Cumares.
The U.S. side has claimed the airstrikes targeted warehouses allegedly used to store narcotics. However, locals refuted such accusation.
"According to what Donald Trump said, they bombed this place using the excuse that the warehouses here were used to store drugs at the port. But based on the video released by our governor, these warehouses that were burned contained medicine for kidney patients and foods. Many people depend on these supplies to survive. I think the bombing is extremely despicable," said a local resident named Alejandro Capriles.
US strike hits Venezuelan port, wrecking medical supplies, heritage building
