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IDB board approves $833.8m for projects

JEDDAH — The Board of Executive Directors of the Islamic Development Bank (IDB) has approved $833.8 million for financing development projects, trade operations, grants and special assistance to member countries and Muslim communities in non-member countries.

Dr. Ahmad Mohamed Ali, IDB President, who chaired the session, said in a statement made available to Khaleej Times here that the board, which concluded its 246th session at IDB headquarters recently, reviewed a progress report on the implementation of the IDB 1440H (2020G) Vision.

In that context, the board approved $15.3m for campaigns against malaria in Sudan and Senegal.

Under development projects $32m goes to Iran for Bar Dam Project,

$127m for reconstruction of rural housing for the victims of the earthquake in Batagram and Kohistan Districts of Pakistan, $50m each to Halyk Bank and Bank TuranAlem of Kazakhstan, $68.8m for EDM power generation expansion project in Mali, $10.5m for Chari/Logone integrated rural development project, Cameroon, $6.3m for basic education support Project, Djibouti, $7.2m for Sudan Central Zone Malaria-Free Initiative Project, and $8m for Support Malaria Prevention and Control Project in Senegal.

Under trade financing operations, the Saudi Basic Industries Corporation (Sabic) gets $200m to purchase raw materials and spare parts.

Grants and special assistance from Waqf Fund recipients are Liberia $ 225,000 for establishment of vocational and teachers training Centre in Monrovia, Liberia, $150,000 for construction of National English School for Bazme Urdu Adab Society, Rajapur in Ratnagiri district of India‚s Maharashtra State, US$ 290,000 for construction of a school and a primary health centre in Ngozi, Republic of Burundi, and $220,000 for purchasing and expansion of a building for the Islamic Charitable Organisation, Rio De Janeiro, Brazil.

The following are operations approved by the president of the bank between the previous and present sessions of the board:

Under Import Trade Financing Operations (ITFO): Two $100m trade co-financing operations for the Bangladesh in favour of the ministry of power, energy and mineral resources to purchase crude oil and petroleum products, $5m for Egypt in favour of Egyptian Saudi Finance Bank for to purchase miscellaneous goods, $6m for Indonesia in favour of Bank Syariah Mandiri to purchase miscellaneous goods, $14m in favour of Aluminum Pars Company in Iran to purchase raw material for the production of aluminum, $26m in favour of Export Development Bank of Iran to purchase all Shariah compatible goods, and $25m in favour of Bank Keshavarzi Iran to purchase miscellaneous goods, and $10m for Malaysia in favour of OCB Berhard to purchase miscellaneous products.

Maldives gets $8.30m trade financing operation under Tsunami package to purchase miscellaneous goods, Mozambique receives $15m trade co-financing operation in favour of Petroleos de Mocambique Sarl to purchase refined petroleum products.

TherE are two trade financing operations of $25m for Saudi Arabia's Saad Trading Contracting, and Financial Services Co. to purchase construction material, furniture, fittings and equipment, and trade financing operation of $25m in favour of Afia International Company to purchase raw material.

There is a trade financing operation of $4m for Turkey in favour of Pensan Kalem Ve Kagit San. Ve Tic. A.S to purchase raw material and semi-finished goods for pen/pencil production.

Under BADEA Export Financing Scheme (BEFS) Gambia gets $4.50m for the export of heavy fuel and diesel from Arab countries, and Mozambique gets $5m for the export of refined petroleum products from Arab countries.

As for technical assistance $299,000 goes to Senegal for capacity building and supporting of the implementation of the ministry of economy and finance‚s plan for Information Technology.