Islamic Development Bank Unveils Projects Worth $705 Million


IDBJEDDAH, Feb 10 – The 295th meeting of the Islamic Development Bank (IDB) Board approved $ 705.18 million of new financing projects focusing on infrastructure and human resources development in member countries and non-member countries. The meeting was chaired by IDB Chairman Dr. Ahmad Mohamed Ali.

The financing worth $ 630.05 million was set aside for infrastructure sector, and these included $ 224.4 million for upgrading and reconstruction of Ujar-Zardab-Agjabadi Road in Azerbaijan, $ 220 million for Assiut (El-Walidia) Thermal Power Plant Project in Egypt, $ 87.45 million for the Rural and Water Supply and Sanitation Program in the countries of WAEMU (West African Economic and Monetary Union comprising Benin, Burkina Faso, Cote d’Ivoire, Mali Niger, Guinea Bissau, Senegal and Togo), $ 58.2 million for upgrading the Dedougou-Tougan Road Project in Burkina Faso, $ 20 million for Rural Electrification Expansion Project in Barisal Division in Bangladesh and $ 20 million for contributing to completion of the Extension and Modernization of the Bamako-Senou International Airport Project in Mali.

The Board meeting approved $ 73.83 million for human resource development projects. These included $ 60 million for Health System Strengthening Project in Surinam, $ 9 million for Basic Education Support Project in Priority Areas in Cameroon, and $ 4.83 million as additional financing for Health System Development Support Project in Benin.

The Board approved $ 790,000 under the IDB Waqf Fund as grant to a number of educational projects in Muslim communities in Fiji, New Zealand, Rwanda, and the United States.

The meeting also took note of the financing of operations approved by the IDB president between the 294th and 295th sessions including a $ 127,000 for contributing to devising the strategic health program of action of the Organization for Islamic Cooperation (OIC), $ 200,000 for providing technical assistance to rural development projects and creating employment opportunities for the local residents in the city of Baha, Saudi Arabia, and $ 150,000 as technical assistance for the preparation of a feasibility on twinned “mahadra” (traditional schools) and modern schools in Mauritania.

Among several reports reviewed by the Board Members were a detailed report on the course of partnership strategy of the Bank with member countries, a report on the subscription to the capital of the Bank as per the Bank’s fifth general capital increase as well as two progress reports on two emergency assistance financing approved in the previous meeting.

The assistance include an additional $ 2 million for Syrian war-affected refugees and internally-displaced persons and a US$ 2 million aid for assisting Palestinian farmers who suffered damage to their crops as a result of unexpected winter storm.–IINA

Clarion India - News, Views and Insights about Indian Muslims, Dalits, Minorities, Women and Other Marginalised and Dispossessed Communities.


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