IDB signs off funding packages
The Islamic Development Bank signed off on financing packages totalling $450 million
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The Board of Executive Directors of the Islamic Development Bank (IDB) approved $450.8 million towards financing new development projects in member countries as well as Muslim communities in non-member countries.
Presided over by Ahmad Mohamed Ali, Chairman, IDB Group, the meeting approved, in particular: $125 million for Construction of Choocus Chalf Ploch Section of the Tirana-orca Road Corridor, Albania; $120 million for SADARA Petrochemical project in Saudi Arabia; and $100 million for SANIMAS Community Based Sanitation Project in 46 cities in Indonesia.
Other major approvals accorded were $36 million for Efficient Outdoor Lighting for Tashkent City Project, Uzbekistan; $20 million for Construction of Sukuta-Jambangelly Road Project, the Gambia; and $19.7 million for Enhancing the learning environment at the Islamic University and the Millennium Villages Project (MVP) Phase II in Uganda as well as a $1 million as technical assistance grant for the activities of the African Legal Support Facility.
Furthermore, the Board approved $2 million as grant for emergency relief to the displaced inside Syria and Syrian refugees in Turkey, Jordan, Lebanon and Iraq to contribute to the provision of education and health services. The Board also approved $1.7 million as special assistance grant under IDB Waqf Fund for educational, vocational and health projects in Muslim communities in the Democratic Republic of Congo, India, UK, and the US. The meeting took note of an amount of $25 million approved by the IDB President for Education and Training for Employment Project, Egypt.
Amongst other topics discussed and reviewed at the meeting were the bank's draft annual report for the year 2012, the draft financial statements of the bank and its specialised funds for the same year, as well other documents for the forthcoming Annual Meeting of the Board of Governors of the IDB Group scheduled to be held on 21-22 May, 2013 in Dushanbe, Tajikistan.
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