Islamic Development Bank extended Morocco $236 million in 1997

The Islamic Development Bank (IDB) extended Morocco over $236 million in 1997, an IDB report said.

The amount co-financed five development projects, including the construction of two dams in central Morocco, water supply and used water treatment projects, computerization of some administrations and construction of refrigerating centers in the airports of Casablanca, Marrakesh and Agadir.

The Jeddah-based IDB, the financial institution of the Organization of Islamic Conference, financed during the same year development projects in some 34 Islamic countries as well as projects to the benefit of Muslim communities settled in non-Muslim countries. The amounts disbursed by the bank were worth $1.57 billion in 1997.

Since 1975, the IDB has injected nearly $21 billion into various development projects and Islamic inter-trade transactions. Its capital stands at about $9 billion.