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IDB allocates over USD 700 mln for infrastructure, human development, education projects

February 5, 2014

| JEDDAH , Feb 4 (KUNA) -- The Council of Executive Directors of the Islamic Development Bank (IDB) Tuesday approved allocations totaling USD 705.18 million to finance infrastructure, human development and education in member and non-member countries. The directors, at the end of their meetings in Jeddah , approved USD 244.4 million to finance a major highway in Azerbaijan and USD 220 million for a power station in Assiut, Egypt . They also approved a funding of USD 87.45 million for a fresh water project of the Economic and Monetary Union in West Africa . A USD 58.2 million has been allocated to finance a highway in Burkina Faso , as well as USD 20 million to expand power grid network in rural areas in Bangladesh . The directors also approved USD 20 million to the development of the Bamako Airport in Mali . The Council allocated USD 60 million for the improvement of health services in Suriname, and USD nine million to improve education services in Cameroon . It also approved USD 4.83 million to back health systems in Benin . The executive directors endorsed educational projects for Muslim communities in Fiji , New Zealand , Rwanda and the US. The directors, meanwhile, discussed a report about a capital raise, and a report about two urgent aid packages: USD two million for the Syrian Internally-Displaced Persons and refugees, and USD two million to the Palestinian farmers in the West Bank and Gaza Strip . The IDB has 18 executive directors chaired by the bank's Board Chairman Dr. Ahmad Mohammad Ali . (end) KUNA 050018 Feb 14NNNN All KUNA right are reserved

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Source: Kuwait News Agency

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