RIYADH, April 11 (KUNA) -- The Islamic Development Bank (IDB) approved allotment of a sum around USD 356 million that would go into development and technical assistance projects as well as loans to members and non-members, a statement said Tuesday.
The statement came upon wrap up of the 237th session of the executive directors of IDB in Jeddah. The two-day meetings were chaired by Bank President Dr. Ahmad Mohamed Ali AL-Madani.
The statement said the sums would be invested in pushing forward economic and social development in member states and Muslim communities in non-member countries.
As for distribution of the approved funding, the statement pointed out USD 42 million would go into Tripoli University Project, USD 35.3 would go into construction and furbishing of a university in tsunami-stricken Aceh, and USD 32.6 into construction and providing equipment for a hospital for a north Sumatra university. This is in addition to other projects.
The implementation of the recommendations of the third extraordinary Islamic summit in Mekkah last year on alleviating poverty and establishment of an international Islamic institution for trade financing also came under discussion. The approval on establishment of the new body would be signed by the member states' ministers of finance and planning in the would be signed in the next board meeting.
The next Annual Meeting of the Islamic Development Bank Group will take place in Kuwait May 30-31.
According to the same statement, the annual report on 2005-2006, future strategies all the way to 2020, a report on boosting cooperation between the IDB and African countries, and other reports on progress in bank projects were also discussed.
