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IDB approves $447m financing for new projects

Amman, June 25, 2014

The Islamic Development Bank has approved $447.6 million towards financing several new development projects.
 
The fund will be used for financing projects in a number of member countries as well as three grants under the IDB Waqf fund for educational projects for Muslim communities in Kenya, Lesotho, and Trinidad and Tobago, said a statement.
 
It was approved at the 39th meeting of the bank’s board of executive directors in concurrence with the 39th Annual Meeting of the Board of Governors of the IDB, it said.
 
A major part of the financing - $304 million, will go to the energy sector, $220 million for the Power Grid Extension Project in Bangladesh, and $83.75 million for 132 KV Mirama-Kable Transmission Line and Distribution Project in Uganda.
 
Other approvals include $87.5 million for Improvement of Wastewater Management and Sanitary Services in Al Ghadir Drainage Basin, Lebanon; an additional $25 million for the second phase of Queen Alia Airport Expansion Project, Jordan raising the IDB financing for the airport expansion to $125 million; $15 million for Primary Healthcare Services Expansion Project – Chad; and $15 million for Support to the Development of Technical and Vocational Schools Project in Guinea.
 
A $450,000 technical assistant grant was also provided under the IDB Waqf fund towards capacity development of laboratory technicians (micro biology) in seven West African countries -  Burkina Faso, Benin, Guinea, Malli, Niger, Senegal and Togo.  
 
These capacity building measures are expected to help fight TB, AIDS, Malaria, etc, and support educational and vocational programmes aimed at tackling poverty and unemployment .  
 
The bank will continue contributing to the International Center for Biosaline Agriculture (ICBA), Dubai,  as the centre represents a successful example of mutual co-operation between the bank and the UAE, said the statement.
 
The board also reviewed the latest arrangements underway for the bank’s 40th anniversary celebration as well as the 39th annual meeting of the IDB board of governors in Jeddah, which is taking place in the presence and under the patronage of the Custodian of the Two Holy Mosques, until June 26 at the level of Ministers of Finance, Economy and Planning of the 56 member countries. - TradeArabia News Service



Tags: project | IDB | board | Financing | approve |

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