Riyadh: The 271st session of the board of directors of the Islamic Development Bank (IDB) approved yesterday, under the chairmanship of its president Dr Ahmad Mohammad Ali, financing for new development projects totalling $772.3 million (Dh2.8 billion).
Business | Banking
IDB board approves over $772m for new projects
Nine member countries to get financing
- By Abdul Nabi Shaheen, Correspondent
- Published: 00:00 October 6, 2010
Nine member countries have been approved to receive financing. They are Indonesia, Uzbekistan, Bangladesh, Pakistan, Sudan, Turkmenistan, Gambia, Mauritania and Albania.
The financing includes technical assistance in the form of grants for development projects in Benin, Chad, Togo, the GCC and grants and concessional loans for Sudan.
The approved financing also includes health and educational projects directed towards communities in non-member countries including Congo, Fiji, India and South Africa.
It is worth mentioning that five of the nine projects approved for member countries are considered mega projects which fall in line with the strategic objectives of the IDB.
Business Editor's choice
-
Islamic finance forum: mixed messages
Diverse gathering generates heat and light but exposes muddle of motivations
-
Yahoo nearing $1.1b acquisition of Tumblr
Deal could be announced Monday as internet company’s board of directors prepares to meet
-
Mobile advertising must catch up in region
Middle East made up 6 per cent of global smartphone shipments last year