Business | Banking
IDB approves more than $178m for development projects worldwide
Islamic Development Bank (IDB) yesterday approved $178.2 million for development projects targeting Muslim communities worldwide.
- By Mariam Al Hakeem, Correspondent
- Published: 23:39 August 27, 2008
Riyadh: Islamic Development Bank (IDB) yesterday approved $178.2 million for development projects targeting Muslim communities worldwide.
IDB's board, which concluded its session at the IDB headquarters in Jeddah under the chair-manship of Dr Ahmad Mohammad Ali, approved fin-ances for development projects in Pakistan and Burkina Faso, plus a loan for a highway project in Senegal.
Assistance
The approvals also enclosed a technical assistant project in favour of the Islamic Financial Services Board in Malaysia, in addition to technical assistance grants from Waqf Fund (Islamic Endowment) in favour of three Islamic communities in the United States, India and the United Kingdom.
The board also approved increasing the size of IDB's existing Medium Term Note Programme from $1.0 billion to $1.5 billion to facilitate the issuance of a fourth sukuk worth up to $1 billion
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