IDB Allocates $202 Mln to Finance Islamic Development Ventures

The Islamic Development Bank (IDB) has allocated some $ 202 mln to finance 14 new ventures in the member countries and number of trade operations between Islamic countries.

A press statement of the Jeddah-based bank said on Tuesday that the council of IDB executive directors approved these funds during their 191st session chaired by the bank's President Ahmad Mohammad Ali.

It added that some $ 137 million dollars have been earmarked to finance development projects in a number of member countries including Oman, Algeria, Lebanon, Yemen, Indonesia, Mali and Kazakhstan.

The council also approved one million dollar in donations to a number of Islamic institutions in non-Muslim communities in Bangkok, Los Angeles and Liberia.

The IDB, with a capital of nearly nine billion dollars, has been successful in increasing Islamic inter-trade by 10%. It is hopping to reach 13% during the next three years.