The Islamic Development Bank (IDB)’s Board of Executive Directors recently approved a $441.6 million development project budget for member countries. The budget was endorsed at the bank’s 218th session on Monday, October 24, 2003.
According to IDB’s President, Ahmad Mohamed Ali, some $123.5 million of the total will finance development projects in eight member countries and $316 million will boost trade financing operations. In addition, the bank has also set aside $380,000 for grants and $1.7 million for loans from the Leased Developed Member Countries (LDMC).
Of the eight projects to be financed, Bahrain’s Khalifa Bin Salman Sea Port Project will receive $46 million. Trade financing approvals include a €5.31 million facility for Tunisia’s Societe Nationale De Cellulose Et De Papier Alfa to purchase raw materials and a $10 million scheme for Jordan’s Housing Bank for Trade and Finance. — (menareport.com)
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