US $236 million in projects by Islamic Bank approved

Originally published April 23, 1998

Meetings of the 177th session of the Islamic Bank's executive directors council chaired by the bank's director Ahmad Muhammad Ali concluded in Jeddah, Saudi Arabia.

The directors agreed to invest US $236 million in projects for the Islamic Bank's member states and Islamic communities in non-member states.

Following the conclusion of the meeting, Ali said the council allotted US $124 million to finance development projects in the bank's 10 member states, $42 million to finance foreign trade operations by certain IB members and another US $2.2 million as technical aid for three of its members.