Islamic Bank allocates $225 million for projects

The Islamic Development Bank has allocated $225 million to finance development and inter-trade projects in member states, the bank chairman said on Monday.

Ahmad Mohammed Ali, in a statement following the end of the 192nd session of the bank's executive board, said $100 million was allocated for 11 development ventures in nine member states, $79 million for funding inter-trade and $43 million for investment ventures.

Ali, who chaired the session, said that $20 million was earmarked for a petrochemical project in Iraq, $29.7 million for a power project in Algeria and $18.4 million for some projects in Bangladesh.

Concerning inter-trade, he said $30 million would be paid to Turkey and $25 million to Iran.

The board discussed various financial, administrative and technical schemes.

The Islamic bank, an offshoot of the organization of Islamic Conference (OIC), was established in 1975 to finance development projects in the member states.

It has so far paid up to $22 billion to finance more than 3,000 development projects and inter-trade activities.

The bank, whose capital amounts to nine billion dollars, has succeeded in increasing the external Islamic trade by 10 percent.