IDB signs USD 12.4 mln deal with Mali

The Islamic Development Bank (IDB) has signed a financing agreement with the Republic of Mali to provide an amount of US$ 12.4 Million to fund a social housing project in Bamako, Mali. The IDB's total amount of funding to Mali amounts to US$756 M, inclusive of 90 financing operations to developmental projects, trade, and private sector. The agreement was signed by each of Mali's Minister of Finance and economy Tiena Coulibaly and the IDB head Ahmad Muhammad Ali, according to a statement disclosed by the IDB. The social housing project is supposed to house up to 1000 families of low to mid Income in Bamako, providing a convenient infrastructure and needed facilities to them. The project will also create up to 8600 job opportunities. Mali's minister of finance has briefed the IDB head on the overall progress of bank's projects in Mali along with other food security and electric power projects that the IDB would provide funding to. The IDB aims at fostering the economic development and social progress of member countries and Muslim communities individually as well as jointly in accordance with the principles of Shari'ah i.e., (Islamic Law). The Bank is also required to establish and operate special funds for specific purposes including a fund for assistance to Muslim communities in non-member countries, in addition to setting up trust funds.(QNA)