IBD to finance more development projects

The Islamic Bank for Development IBD has approved new supplies for development projects at a cost of US $ 267 million for several member states and Islamic communities in countries which are not members at the IBD.

A statement released by the Bank on Tuesday said it had adopted some US $ 104 million to participate in financing development projects in IBD six member states and US $ 1.1 million as donations for three Islamic communities in three countries which are IBD nonmember states besides approving US $ 161 million for financing exports and imports in other countries.

Worthy mentioning, the Islamic Bank for Development which takes of Jeddah, Saudi Arabia as a headquarters was established with the aim to encourage trade exchange among the Islamic states.