Islamic Development Bank approves over US$705m for financing new projects

February 05, 2014 - 11:29:57 am

JEDDAH: The Islamic Development Bank (IDB) has approved, during the 295th meeting of its Board which convened in Jeddah, US$ 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.

Of the approvals, US$ 630.05 million were allocated to the infrastructure sector inclusive of US$ 224.4 million for "Upgrading and Reconstruction of Ujar-Zardab-Agjabadi Road in Azerbaijan Republic"; US$ 220 million for "Assiut (El-Walidia) Thermal Power Plant Project in Egypt"; US$ 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), US$ 58.2 million for "Upgrading the Dedougou-Tougan Road Project" in Burkina Faso; US$ 20 million for "Rural Electrification Expansion Project" in Barisal Division in Bangladesh. 

As well as US$ 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 US$ 73.83 million which included; US$ 60 million for "Health System Strengthening Project" in Surinam, US$ 9 million for "Basic Education Support Project in Priority Areas" in Cameroon, and US$ 4.83 million as additional financing for "Health System Development Support Project" in Benin setting the IDB total financing for this project at US$ 24.83 million. 

In the same framework, the Board Members also approved US$ 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. (QNA)

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