IDB Executive Directors approve new finances totaling $178 million

Saudi Arabia: The Board of Executive Directors of the Islamic Development Bank (IDB) approved a total of $178.2 million for Development Projects and Technical Assistance in Member Countries and Muslim Communities in Non-Member Countries.

The new approvals also enclosed a Technical Assistant Project in favour of the Islamic Financial Services Board (IFSB) in Malaysia, in addition to Technical Assistance Grants from Waqf Fund (Islamic Endowment) in favour of three Islamic Communities in USA, India and the UK.

The Board reviewed four Technical Assistance Operations approved by the President of IDB. The operations were in favour of Mozambique, Morocco, in addition to two regional projects in education and car manufacturing sectors, and a project for Replenishment of Stocks for Food Security in Mauritania.

The Board also looked into the 12th Progress Report on IDB 1440H Vision and in that context it sustained the steps for increasing the efforts for the implementation of the bank's initiative for poverty alleviation in the framework of the Five Year Plan of the Islamic Solidarity Fund (ISFD), and the Jeddah Declaration aiming at assisting African Countries affected by the international food crisis.

It also approved increasing the size of IDB's existing Medium Term Note (MTN) Program from $1.0 billion to $1.5 billion to facilitate the Issuance of 4th Sukuk up to $1.0 billion.