Islamic bank approves new finances worth $172 million

The board of executive directors of the Islamic development bank (IDB) which ended its week-long 178th session in Jeddah on Monday approved new finances worth USD 172 million in favor of a number of member countries and muslim communities, a press release by the bank said.

The board discussed policies and future trends of the bank which endeavors to promote economic development and social progress of member countries and muslim communities around the world, Map reported.

The bank approved the financing of 10 development projects in 10 member countries and one technical assistance program for $105 million, and 2 trade financing operations worth $57 million in favor of 2 member countries. It also approved $1.4 million from the IDB Waqf Fund for 5 projects in favor of muslim communities in 4 non-member countries as well as projects in favor of the World assembly of Muslim Youth and the earthquake victims of Afghanistan.