The Board of Executive Directors of the Islamic Development Bank (IDB), which concluded its 257th session at IDB headquarters in Jeddah recently approved $348.1 million for new projects and technical assistance in member countries and for Muslim communities in non-member countries.
The development projects approved by the board involve financing operations in favour of six member countries including Kazakhstan, Yemen, Sudan, Lebanon, Indonesia and Egypt, in addition to four grants from the Waqf Fund for Somalia and three Muslim communities in non-member countries in Kenya, India and Tanzania.
Details of approvals and items for information reviewed by the board are as follows:
Development projects
· $186 million Istisna'a financing for the reconstruction of the road section ‘Border of South Kazakhstan Oblast – Taraz’ under the construction of Western Europe–Western China (WE-WC) Road Project – Kazakhstan;
· $21.2 million Instalment Sale for the Silos Project at Al-Saleef Port – Yemen;
· $19.5 million leasing financing for the Cotton Ginning Plants Project – Sudan;
· $15.5 million Istisna'a financing for the Development of Mkalles Roadway Interchange Project – Lebanon;
· $10.1 million Loan + T.A. Grant financing for the re-scoping of the approved project under the title Microfinance Support Project – Loan + T.A. Grant – Egypt;
· $83 million loan financing for Integrated Community Driven Development Project which is a part of a broader national program aimed at empowering the population affected by Tsunami, Indonesia.
Grants and special assistance projects from Waqf fund
· $340,000 for the construction of a secondary school for veterinary medicine and agriculture, Galcaio, Somalia;
· $350,000 for the expansion of Tawfiq Hospital, Malindi, Kenya;
· $190,000 for the construction of a secondary school for Muslim Education Society at Ograbraj Village, Andaman District, Andaman & Nicobar Islands, India;
· $330,000 for the construction of the Amanah Secondary School, Ilongero, Singita, Tanzania.
Approvals by the president
The following are approvals made by the President of the Bank between the previous and present sessions of the Board:
· $300,000 T.A. (grant) for the Second Health Project – Comoros;
· $180.000 T.A. (Grant) for CEDARE for increasing adaptive capacity to climate change in the Arab region – Regional;
· $11 million leasing (supplementary financing) for the White Nile Sugar Project – Sudan.