Islamic Development Bank Approves More than Half a Billion US Dollars of Financings

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Islamic Development Bank Approves More than Half a Billion US Dollars of Financings

IDB/Financings: IDB Approves More than Half a Billion US Dollars of Financings

By Amani Harouna Available at:

JEDDAH, 26 Rabi 1 / March 1 (IINA)-The 274th meeting of the Board of Executive Directors of the Islamic Development Bank (IDB) approved today the financing of US$ 511 Million for projects that included three mega projects namely, the US$ 222.70 Million Tirana-Elbasan Road in Albania, the US$ 107.81 Million Schools Development Program in Turkey and the US$ 95 Million Grain Steel Silos in Pakistan.

The approved financing also included a package amounting to US$ 250 Million as grant dedicated to rendering the required technical assistance and supporting investments in IDB member countries for creating job opportunities for the youth, alleviating poverty, financing SME projects and capacity building.

The BED members further approved a technical assistance grant for the preparation of non-oil export strategy for GCC member countries as well as grants from the WAQF Fund for different programs to be implemented for Muslim Communities in non-member countries including Ukraine, India, Tataristan and United States.

Further main details of the approvals of the 274th BED meeting are as follows:

-.US$ 222.70 Million for Construction of Tirana – Elbasan Road, Albania, effectively facilitating transport in the country and upgrading regional trade and tourism.

-US$ 110. Million for Schools Development Program in Istanbul, Turkey, including US$ 2.24 Million in T.A. loan

-.US$ 95 Million for Construction of Grain Steel Silos Project, Pakistan

-US$ 30.8 Million for Water Distribution Network Upgrading Project as well as construction of National Cardiac Center in Nouakchott, Mauritania.

-US$ 21 Million for Sana’a Water Supply Enhancement Project, Yemen.

-US$ 500 Thousand for Establishment of phase I of a Children Care Center in Addis Ababa, Ethiopia, (IDB Waqf Fund)

-US$ 465 Thousand for Expansion of Brighter Horizon Academy, Garland, Texas, United States of America, (IDB Waqf Fund)

-US$ 410 Thousand for Rehabilitation and Equipping of six Crimean Tatary Schools, Ukraine, (IDB Waqf Fund)

-US$ 370 Thousand for construction of Rashidah Islamic Institute in Kazan city, Republic fo Tataristan, Russain Federation, (IDB Waqf Fund)

-US$ 260 Thousand for Construction of a Teacher Training College, Melagaon Village, Nashik district, Maharashtra State, India, (IDB Waqf Fund)

-US$ 219 Thousand for Expansion of Al-Munawwara Islamic School Building, Davao City, Philippines, (IDB Waqf Fund).

Best Regards

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