Islamic Development Bank Approves Close to US $190 Million in New Development Financings

Wednesday, January 21, 2015

The 302nd meeting of the Board of Executive Directors of the Islamic Development Bank ( IDB ) which started on Sunday, 18 January, 2015, concluded on Tuesday in Jeddah, KSA.

Chaired by IDB President Dr. Ahmad Mohamed Ali, the Board reviewed a number of important items amongst them the draft agenda for the upcoming 40th Annual Meeting of the IDB Board of Governors slated for 10-11 June 2015 in Maputo, Mozambique, which is to be attended by Ministers of Finance and Economy of the 56 member countries. The members of the Board also approved US $ 189.4 million worth of new financings for a number of development projects covering important sectors in several member countries as well as a number of Muslim communities in non-member countries.

The road and transport sector received US $136 million of funding for contribution to construction of a 130 kilometer road in Cote d’Ivoire connecting the capital Yamoussoukro to the city of Tiebissou. It is part of the highway linking the port of Abidjan in the north of the country to Burkina Faso, Mali and Niger, all land-locked member countries of the IDB . The highway is part of a regional network promoted by theEconomic Community of West African States (ECOWAS).

Also, the Board approved: US $22.3 million financing to support food security in Chad by contributing to management of natural resources; US $16.5 million financing to Djibouti to contribute to the Regional Submarine Telecommunications Project which connects Bangladesh, Singapore, Sri Lanka, Djibouti, Saudi Arabia, Egypt, Italy and France; and US $14 million to Burkina Faso to support the higher education sector in the country for phase II of the Expansion of Students’ Hostels for the University of Bobo-Dioulasso Project.

Three grants totaling US $ 600,000 were also approved under the IDB Waqf Fund for projects focusing on education in Barbados, Nepal, and Sri Lanka. On the occasion of its 302nd meeting, the IDB Board of Executive Directors held a joint meeting with the boards of directors of the other entities of the IDB Group (the Islamic Corporation for the Insurance of Investment and Export Credit/ICIEC, the Islamic Corporation for the Development of the Private Sector/ICD, the International Islamic Trade Finance Corporation/ITFC and the Islamic Research and Training Institute/IRTI).

Source: Zawya (link opens in a new window)

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