Islamic Bank spent $1.67 billion on 189 projects

During the fiscal year 1997, the Islamic Bank for Development (IBD) allocated US $1.671 billion for 189 operations in 38 member states and 11 Moslem communities in OIC non-member states, representing an increase of 16% over 1996.

The IBD' s annual report from Jeddah, Saudi Arabia said allocations in 1997 included US $586 million, representing an increase of 20% over 1996 figures, went toward financing 59 development projects, 9 technical aid operations for some 34 member states and US $1,072 million went to finance projects in 92 foreign and IBD member states with an increase of 15% over 1996 figures.

The report added that the IBD allotted US $13 million in the form of donations with an increase of 19% over sums allocated to deal with natural catastrophes and to finance educational and health projects for Islamic societies in IBD non-member states.

The report continued that 26% of the bank's budget for 1997 was dedicated to the public services sector, 26% for the social sector, 24% for the agriculture and agricultural industries sector, 18% for transport and communications and 6% for the industrial sector.

Moreover the IBD has opened a special letter of credit of US $100 million for some 21 less-developed IBD member states.