News Column

Islamic Development Bank approves USD 447.6 mln for projects in member states

June 24, 2014



JEDDAH, June 23 (KUNA) -- The Islamic Development Bank (IDB) on Monday approved USD 447.6 million towards financing several new development projects in a number of member countries, as well as three grants under the Waqf fund for educational projects for Muslim communities in Kenya, Lesotho, and Trinidad and Tobago.

The Jeddah-based bank said in a press release following the 298th meeting of the Board of Executive Directors convening in concurrence with the 39th Annual Meeting of the Board of Governors of IDB that the major part of the financing, USD 304 million, went to the energy sector.

It added that USD 220 million went for a Power Grid Extension Project in Bangladesh, and USD 83.75 million for 132 KV Mirama-Kable Transmission Line and Distribution Project in Uganda.

Other approvals of the board included: USD 87.5 million for Improvement of Wastewater Management and Sanitary Services in Al Ghadir Drainage Basin, Lebanon; an additional USD 25 million for the second phase of Queen Alia Airport Expansion Project, Jordan raising the IDB financing for the Queen Alia airport expansion to USD 125 million; USD 15 million for Primary Healthcare Services Expansion Project in Chad; and USD 15 million for Support to the Development of Technical and Vocational Schools Project in Guinea.

Also, a USD 450,000 technical assistance grant was provided under the IDB Waqf fund towards capacity development of Laboratory Technicians (micro biology) in seven West African countries - Burkina Faso, Benin, Guinea, Mali, Niger, Senegal and Togo. It is expected that such capacity building measures would help fight TB, AIDS, Malaria, etc., and support educational and vocational programs aimed at tackling poverty and unemployment.

The members of the board further approved of IDB's continued contribution to the International Center for Biosaline Agriculture (ICBA), Dubai, UAE, as the center represents a successful example of mutual cooperation between the Bank and the UAE. ICBA has developed into a world class research center with an international team of scientists and researchers working on innovative solutions to improve the status of poor farmers and to implement development programs aimed at upgrading productivity in agricultural regions. (end) nh.hb

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Source: Kuwait News Agency


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