IDB Approves More Than US$ 447 Million for Financing New Development Projects

JEDDAH, KSA, June 23, 2014 /PRNewswire/ --

The 298^th meeting of the Board of Executive Directors of the Bank that convened on Sunday at the IDB headquarters in concurrence with the 39^th Annual Meeting of the Board of Governors of the Islamic Development Bank (IDB), approved US$ 447.6 million towards financing several new development projects in a number of member countries, as well as three grants under the IDB Waqf fund for educational projects for Muslim communities in Kenya, Lesotho, and Trinidad and Tobago.

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The major part of the financing, US$ 304 million, went to the energy sector: US$ 220 million for a Power Grid Extension Project in Bangladesh, and US$ 83.75 million for 132 KV Mirama-Kable Transmission Line and Distribution Project in Uganda.

Other approvals of the board included: US$ 87.5 million for Improvement of Wastewater Management and Sanitary Services in Al Ghadir Drainage Basin, Lebanon; an additional US$ 25 million for the second phase of Queen Alia Airport Expansion Project, Jordan, raising the IDB financing for the Queen Alia airport expansion to US$ 125 million; US$ 15 million for Primary Healthcare Services Expansion Project, Chad; and US$ 15 million for Support to the Development of Technical and Vocational Schools Project in Guinea.

Also, a US$ 450,000 technical assistant grant was provided under the IDB Waqf fund towards capacity development of Laboratory Technicians (micro biology) in seven West African countries - Burkina Faso, Benin, Guinea, Malli, Niger, Senegal and Togo. It is expected that such capacity building measures would help fight TB, AIDS, Malaria, etc., and support educational and vocational programs aimed at tackling poverty and unemployment.  

The members of the board further approved of IDB's continued contribution to the International Center for Biosaline Agriculture (ICBA), Dubai, UAE, as the center represents a successful example of mutual cooperation between the Bank and the UAE. ICBA has developed into a world class research center with an international team of scientists and researchers working on innovative solutions to improve the status of poor farmers and to implement development programs aimed at upgrading productivity in agricultural regions. ICBA was launched at the initiative of the IDB, in recognition of the important role by the Gulf states in line with supporting the Bank. IDB and UAE's Ministry of Agriculture and Fisheries in June 1996. The Bank cooperated with the UAE in management and operating of ICBA until April 2010 when the responsibility was transferred to UAE's Ministry of Environment and Water.

The Board took note of two grants previously approved by the IDB President, US$ 100,000 grant for Côte d'Ivoire to contribute to organizing the 56^th Conference of African Ministers of Education, and US$ 300,000 for Guinea to support the fight against Ebola, respectively.

The Board Members reviewed the latest arrangements underway for the Bank's 40^th Anniversary Celebration as well as the 39^th Annual Meeting of the IDB Board of Governors in Jeddah, which is to take place in the presence and under the patronage of The Custodian of the Two Holy Mosques, 24-26 June, 2014 at the level of Ministers of Finance, Economy and Planning of the 56 member countries. The Board commended the extensive facilities being provided by the Kingdom of Saudi Arabia for the success of the meeting of the IDB Board of Governors.

SOURCE Islamic Development Bank