Islamic Bank for Development ends work with many agreements signed

The annual meeting of the Islamic bank for development "IBD" concluded deliberations today.

An agreement between Syria and the IBD was established providing for a loan guarantee to Syria at a cost of $280,000 to finance the feasibility study to set up an economic data base for the Ministry of Economy and Foreign Trade.

Similar agreements were also signed between the IBD and other countries participating in the meeting. Sudan and the IBD signed an agreement granting Sudan a $4 million loan to finance veterinary centers project in Sudan. Two agreements were also signed between the IBD and Morocco offering a $5 million to finance the construction of two dams.

A $400,000 loan guarantee will be offered to Yemen according to an agreement with the IBD to develop the sector of electricity during the period of 1997 to 2025. The IBD offered a $4 million loan to finance a project carried out by the government of Benin to raise the living conditions of rural area people through providing solar energy to 24 villages .