Islamic Development Bank approves US$895 mln for development projects in 10 member countries

JEDDAH, 5th October 2015 (WAM) --- The Board of Executive Directors of the Islamic Development Bank has approved US$ 895 million in funds for new development projects in member Togo, Benin, Chad, Bangladesh, Burkina Faso, Guinea, Cote d'Ivoire, Pakistan, Suriname, and Cameroon.

During its 307th meeting, the board also approved seven grants and special assistance packages under its Waqf Fund (endowment fund) for educational and vocational projects to help Muslim communities in non-member countries Burundi, India, Fiji, Mauritius, Montenegro, Panama, and the UK.

The grants are aimed at boosting economic development and social advancement in member countries as well as Muslim communities in non-member countries.

Islamic Development Bank's board also took reviewed reports on the IDB Group's 10-year strategy, the three-year operation plan 2016-2018, a report on financing the private sector in the framework of sovereign guarantees, as well as the IDB Group chairman's proposed programme for the next five years 2016-2020.