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IDB approves financing for development projects worth $715 million

IDB approves financing for development projects worth $715 millionMadinah (IINA) : Members of the Board of Executive Directors of the Islamic Development Bank (IDB), in their 318th meeting held in Madinah, approved the allocation of $714.7 million worth of financing for new development projects in member countries.

Chaired by IDB Group President Dr. Bandar Hajjar, the meeting wrapped up work on Monday, with several strategic financing approvals including: $328.5 million for “Reconstruction of Atyrau – Border of Russian Federation (Astrakhan)” project in Kazakhstan; $300 million for phase two of the “Construction of Rural Housing” project in Uzbekistan; and $86 million for “Expansion and Development of the Port of Tripoli” project in Lebanon, the IDB Group said in a statement seen by the International Islamic News Agency (IINA).

Members of the Board were also informed of a $270,000 technical assistance grant approved by the IDB Group president for the Sultanate of Oman, aimed at increasing the “Export Value of Luban and Dates.”

Furthermore, the Board members discussed reports submitted by the Audit, Finance, and Operations Committees while reviewing the documents prepared for the upcoming 42nd Annual Meeting of the IDB Board of Governors slated for May 14-18 in Jeddah, to be attended by Finance and Economy Ministers of the 57 IDB member countries, the statement said.

It added that the IDB Annual Report draft in addition to a number of audited financial statements of the Islamic Solidarity Fund for Development (ISFD), as well as those of a number of other Funds under the IDB Group, were reviewed. Reports on partnership strategies with member countries as well as the performance of the 2nd Infrastructure Fund were also reviewed by the Board.

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