Islamic development bank approves $515.6m funds

The Islamic Development Bank (IDB) has approved USD 515.6 million to fund socio-economic development projects in member countries and Muslim communities in non-member countries, including USD 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 USD 490 million for the energy sector, divided into USD 220 million for a power plant project in Pakistan, USD 90 million for a similar project in Morocco, USD 83.4 million in Senegal, USD 60 million for power plant expansion in Mauritania, and USD 36 million for rural electrification project phase II in Cameroon. The education sector received USD 17.8 million consisting of USD 7.5 million to support bilingual primary education project in Burkina Faso, and USD 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 USD 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 USD 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 stated that 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.