IDB approves new finances for more than $ 202 million

The Islamic Development Bank approved, at the conclusion of its 191 session in Jeddah earlier this week, new finances for more than $ 202 million in favor of a number of member countries and Muslim communities in nonmember countries.

According to IDB regional Bureau in Rabat, $ 201 million will be used to finance 14 development projects in 12 member countries, and about US$ 1 million from IDB Waqf Fund in favor of Muslim communities in three nonmember countries.

The Board also discussed the business plan and budget of the newly-formed Islamic Corporation for the Development of the Private Sector and the signing of a joint venture agreement with the private sector to implement and to commercially operate the OIC Information Systems Network.