Published On: Wed, Jan 21st, 2015

Islamic Development Bank approves close to US $190 million in new development financings

Islamic Development Bank (IDB)

Islamic Development Bank (IDB)

The 302nd meeting of the Board of Executive Directors of the Islamic Development Bank (IDB) which started on Sunday, 18 January, 2015, concluded on Tuesday in Jeddah, KSA, approved US $ 189.4 million worth of new financings for a number of development projects covering important sectors in several member countries as well as a number of Muslim communities in non-member countries..

The road and transport sector received US $136 million of funding for contribution to construction of a 130 kilometer road in Cote d’Ivoire connecting the capital Yamoussoukro to the city of Tiebissou. It is part of the highway linking the port of Abidjan in the north of the country to Burkina Faso, Mali and Niger, all land-locked member countries of the IDB. The highway is part of a regional network promoted by the Economic Community of West African States (ECOWAS).

Also, the Board approved: US $22.3 million financing to support food security in Chad by contributing to management of natural resources; US $16.5 million financing to Djibouti to contribute to the Regional Submarine Telecommunications Project which connects Bangladesh, Singapore, Sri Lanka, Djibouti, Saudi Arabia, Egypt, Italy and France; and US $14 million to Burkina Faso to support the higher education sector in the country for phase II of the Expansion of Students’ Hostels for the University of Bobo-Dioulasso Project.

Three grants totaling US $ 600,000 were also approved under the IDB Waqf Fund for projects focusing on education in Barbados, Nepal, and Sri Lanka.

Source : WAM News Agency for United Arab Emirates

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