Business | Banking
Islamic Development Bank approves $705.9m to finance various projects
The Jeddah-based Islamic Development Bank (IDB) has approved $705.9 million for financing various projects and trade operations.
- By Mariam Al Hakeem, Correspondent
- Published: 00:00 September 14, 2006
Jeddah: The Jeddah-based Islamic Development Bank (IDB) has approved $705.9 million for financing various projects and trade operations.
The 240th session of IDB's Board of Executive Directors, which concluded in Jeddah, also decided to raise the bank's share in the capital of the International Islamic Rating Agency in Bahrain by pumping in an additional amount of $347,000.
The meeting also endorsed the establishment of a regional office for IDB in Dakar, the capital of Senegal, said Dr Ahmad Mohammad Ali, IDB's chairman.
Dr Ahmad Ali, who chaired the session, said that the board has reviewed many important issues, including a report on an earlier decision to establish a Poverty Alleviation Fund within the IDB. After discussions, the board decided to submit a proposal to the board of governors to label the Fund as a Waqf Fund with a capital of $10 billion.
The board meeting approved financing a number of development projects in various countries. They included $32.15 million for development of Indonesia's Tsunami-damaged Belawan and Sibolga fishing ports.
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