IDB approves $ 282 million for financing new projects

The 183rd session of the chief executives council of the Islamic Development Bank (IDB) earmarked $282 million for financing new development and trade between member states.

IDB President Ahmad Mohamed Ali who chaired the two-day meeting said in a release that the council approved the sum of $120 million to finance nine development projects in eight member states and another sum of $160 million to finance free trade for two member states while $2.5 million will be granted as donations and assistance to Muslim minorities.

The chief of the Jeddah-based IDB said that Turkey was among the countries benefiting from new financing. It obtained a loan of $50 million to finance small objects over three years. Iran was granted a loan of $14.3 million for similar purposes.

Azerbaidjan and Albania got each a loan of $9.6 million to finance rural and infrastructure development projects.

For inter-trade projects, Pakistan was given a loan of $155 million to finance a company of fertilizers and others petroleum products while Tanzania got five million dollars to finance the purchase of refined petroleum products from the Gulf Cooperation Council (GCC) states.

Established in 1974 by the Organization of Islamic Conference (OIC), the IDB is made of 53 member states, and aims at promoting development projects in Islamic states and encouraging trade among islamic countries.

The IDB, with a capital of $9 billion, succeeded in upgrading trade among member states to 10% from four, and targets to bring the percentage to 13%.