News Column

IDB to finance new developments with more than $705 mln

February 5, 2014

Chaired by Islamic Development Bank (IDB) Group Chairman, Dr. Ahmad Mohamed Ali, the 295th meeting of the IDB Board which convened in Jeddah since 02.02.2014 approved $705.18 million of new financing focusing on infrastructure, and human development in member countries and education sector in Muslim communities in non-member countries, according to CPI FInancial. Of the approvals, $630.05 million were allocated to the infrastructure sector inclusive of $224.4 million for "Upgrading and Reconstruction of Ujar-Zardab-Agjabadi Road in Azerbaijan Republic "; $220 million for " Assiut (El-Walidia) Thermal Power Plant Project in Egypt "; $87.45 million for the "Rural and Water Supply and Sanitation Program" in the countries of WAEMU (West African Economic and Monetary Union comprising Benin , Burkina Faso , Cote d'Ivoire , Mali Niger, Guinea Bissau , Senegal and Togo ), $58.2 million for "Upgrading the Dedougou-Tougan Road Project " in Burkina Faso ; $20 million for "Rural Electrification Expansion Project " in Barisal Division in Bangladesh ; as well as $20 million for contributing to "Completion of the Extension and Modernization of the Bamako-Senou International Airport Project " in Mali . On the human development front, the Board approved $73.83 million which included; $60 million for " Health System Strengthening Project " in Surinam , $9 million for " Basic Education Support Project in Priority Areas" in Cameroon , and $4.83 million as additional financing for " Health System Development Support Project " in Benin setting the IDB total financing for this project at $24.83 million . In the same framework, the Board Members also approved $790,000 under the IDB Waqf Fund as grant to a number of educational projects in Muslim communities in Fiji , New Zealand , Rwanda , and the United States . The meeting also took note of the financing of operations approved by the IDB president between the 294th and 295th sessions including a $127,000 for contributing to devising the strategic health program of action of the Organization for Islamic Cooperation (OIC), $200,000 for providing technical assistance to rural development projects and creating employment opportunities for the local residents in the city of Al Baha, Saudi Arabia, and $150,000 as technical assistance for the preparation of a feasibility on twinned "mahadra" (traditional schools) and modern schools in Mauritania . Amongst several reports reviewed by the Board Members were: a detailed report on the course of partnership strategy of the Bank with member countries, a report on the subscription to the capital of the Bank as per the Bank's fifth general capital increase as well as two progress reports on two emergency assistance financing approved in the previous meeting namely an additional $2 million for Syrian war-affected refugees and internally-displaced persons and a $2 million aid for assisting Palestinian farmers who suffered damage to their crops as a result of unexpected winter storm. ; All Rights Reserved - Mubasher Info


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Source: Mubasher (Saudi Arabic)


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