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4 Apr, 2012

Islamic Bank Approves Nearly US$ 390 Million For Development Projects

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KHARTOUM, Sudan, 2 April (IINA) – The 282nd meeting of the Board of Executive Directors of the Islamic Development Bank (IDB) in Khartoum, has approved US$ 389.3 million of new financing as a boost to the ongoing development drive in the Muslim world and Muslim communities in different parts of the world.

Chaired by IDB Group President, Dr. Ahmad Mohamed Ali, the meeting gave the green light to financing development projects in Sudan (US$ 49 million for Rehabilitation of New Halfa Agricultural Scheme), Bahrain (US$ 120 million Support to the national Water Transmission and Storage Infrastructure Development Project – Phase II), Iran (US$ 116 million for Sarney Dam and Water Supply System Project), Uzbekistan (US$ 37 million for Support to Development of Oncology Services Project), Mauritania (US$ 20.4 million for Construction Nema-Bangou-Bassikounou-Fassala Road Project), Uganda (US$ 15 million) and Dijbouti (US$ 5 million) for The East Africa Regional Dry-lands Programs as well as Somalia (US$ 5 million) for basic services, Lebanon (US$ 14 million for Support to Secondary and Tertiary Healthcare Services Project), The Gambia (US$ 10 million for Bilingual Education Support Project), in addition to US$ 2 million in relief aid to drought hit Sub-Saharan African countries.

The meeting also approved a soft loan for the benefit of the regional program of arid lands in East Africa (to provide basic services to residents of pastoral areas in Uganda and Djibouti).

Progress reports were then presented to the Board Members on the implementation of the Jeddah Declaration, a US$ 1.5 billion program approved in June 2008, to assist the IDB Member States affected by the global food crisis, and on IDB Group’s Member Country Partnership Strategy focusing on the top development priorities for every Member Country.

A number of other important reports were discussed at the meeting amongst them the status on subscription to the overall capital increase of the Bank for the fourth consecutive year, as well as the progress made on the implementation of the Bank’s program to support youth employment in Arab countries.

Grants of up to US$ 0.867 million for educational and health projects for Muslim communities in Denmark, Ethiopia, USA and Zimbabwe were also approved by the Board.

The Board of Executive Directors expressed their appreciation to the President, government and the people of the Republic of Sudan for the excellent facilities to make the 37th Annual Meeting of the Board of Governors of the Bank a success. The 282nd meeting of the Board of Executive Directors shall continue to remain in session till Wednesday, April 4th, 2012 when the 37th Annual Meeting of the IDB Board of Governors wraps up work.