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
  • Gulf News

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).

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.

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