Islamic bank to partially finance potassium plant in Jordan

The Islamic Development Bank will contribute $27 million to financing the construction of a potassium plant in Jordan, says the Kuwaiti news agency, KUNA.

A bank official told KUNA the new plant would produce 220,000 tons of potassium nitrates and calcium phosphates after the conclusion of its construction, expected in two years.

This agreement brings total financial aid to Jordan by the Jeddah-based bank to $1.1 billion, which had been used for 127 development projects.

Meanwhile, Yousef Salameh, undersecretary of the Palestinian Al-Waqf and Religious Affairs Ministry, held talks with the chairman of the bank, Ahmed Mohammed Ali.

Salemeh called the bank to contribute to financing some waqf (Islamic endowments) projects in Al-Quds (Jerusalem).

The bank had granted $55 million aid to the Palestinians in the occupied territories.