27 March 2014
JEDDAH - The Islamic Development Bank (IDB) has approved $515.6 million to fund socioeconomic development projects in member countries and Muslim communities in non-member countries, including $1 million for refugees of Central African Republic (CAR).
The Bank said in a statement on Wednesday that the funds approved by its Board of Executive Directors consisted of $490 million for the energy sector, divided into $220 million for a power plant project in Pakistan, $90 million for a similar project in Morocco, $83.4 million in Senegal, $60 million for power plant expansion in Mauritania, and $36 million for rural electrification project phase II in Cameroon.
The education sector received $17.8 million consisting of $7.5 million to support bilingual primary education project in Burkina Faso, and $10.27 million for reforming the technical and vocational education and training project in Suriname, said the Bank.
In the transport sector, the Board approved a $6 million technical assistance loan to the Republic of Niger for preparation of the development of the regional railway loop connecting four IDB member countries namely; Niger, Cote dIvoire, Benin, and Burkina Faso.
IDBs Waqf Fund had approved $780,000 as a grant for Muslim communities in non-member countries for educational projects in Bosnia and Herzegovina, Burundi, India and Malawi.
IDB President and Chairman of the Board Dr. Ahmad Mohammad Ali said the Board reviewed the 2013 annual report draft of the Bank as well as the documents of the upcoming 39th annual meeting of the Board of Governors to be held in Jeddah from 24 to 26 June 2014.
The board also discussed an assessment report of the Banks performance during the past 40 years, in the light of the outcomes of the four high level regional forums which the Bank organized this year in Malaysia, Kazakhstan, Senegal, and Saudi Arabia.
JEDDAH - The Islamic Development Bank (IDB) has approved $515.6 million to fund socioeconomic development projects in member countries and Muslim communities in non-member countries, including $1 million for refugees of Central African Republic (CAR).
The Bank said in a statement on Wednesday that the funds approved by its Board of Executive Directors consisted of $490 million for the energy sector, divided into $220 million for a power plant project in Pakistan, $90 million for a similar project in Morocco, $83.4 million in Senegal, $60 million for power plant expansion in Mauritania, and $36 million for rural electrification project phase II in Cameroon.
The education sector received $17.8 million consisting of $7.5 million to support bilingual primary education project in Burkina Faso, and $10.27 million for reforming the technical and vocational education and training project in Suriname, said the Bank.
In the transport sector, the Board approved a $6 million technical assistance loan to the Republic of Niger for preparation of the development of the regional railway loop connecting four IDB member countries namely; Niger, Cote dIvoire, Benin, and Burkina Faso.
IDBs Waqf Fund had approved $780,000 as a grant for Muslim communities in non-member countries for educational projects in Bosnia and Herzegovina, Burundi, India and Malawi.
IDB President and Chairman of the Board Dr. Ahmad Mohammad Ali said the Board reviewed the 2013 annual report draft of the Bank as well as the documents of the upcoming 39th annual meeting of the Board of Governors to be held in Jeddah from 24 to 26 June 2014.
The board also discussed an assessment report of the Banks performance during the past 40 years, in the light of the outcomes of the four high level regional forums which the Bank organized this year in Malaysia, Kazakhstan, Senegal, and Saudi Arabia.
© The Saudi Gazette 2014