IDB Approves New Finances Close to $ 270 Mln

The board of executive directors of the Islamic Development Bank, which ended its 185th session in Jeddah on Monday, approved new finances close to $ 270 million in favor of a number countries and Muslim communities in nonmember countries.

According to President Ahmed Mohamed Ali, the new provisions will be used to finance development projects within the IDB's continued efforts aimed at achieving economic development and social progress of member countries and Muslim communities around the world. he stated that the board has accepted an invitation from the government of Pakistan to meet in Islamabad.

He said the board approved $ 209.7 million for financing 14 development projects in 14 member countries and about $ 970.000 from the IDB Waqf fund for 5 special assistance projects in favor of Muslim communities in 4 member countries.

The president also announced the establishment of a Waqaf (properties) investment fund within the bank in which the board approved $ 20 million as the bank's share towards its capital from the Islamic bank's portfolio. the fund will be administered by the bank through the IDB.

The board also took note of around $ 39 million approved by the IDB president between the current and last sessions of the board for three import trade financing operations for $ 30 million, one UIF leasing for $ 3.5 million and 11 technical assistance/capacity building projects for $ 5.2 million.