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IDB Approves US$ 987 Million for New Development Projects

27 August 2014

At their 299th meeting, which commenced on Sunday, 24 August, the members of the Board of Executive Directors of the Islamic Development Bank (IDB) have approved US$ 987 million of financing for new socio-economic development projects in member countries and Muslim communities in non-member countries.
The approvals included several major projects such as: US$ 226.8 million for Development of Sharm El-Sheikh International Airport as well as US$ 198 million for the Assiut Oil Refinery Upgrade in Egypt; US$ 179.3 million for the Construction of Olama-Bingambo Section of the Olama-Kribi Road - Cameroon; US$ 176 million to Wadi Dayqah Water Supply Project - Oman, and US$ 100 million for the Construction of Modern Rural Housing Project (Phase-1) - Uzbekistan.
Other approvals were; US$ 50 million Line of Finance for the Africa Finance Corporation (an international institution based in Nigeria), US$ 26.7 million for the Construction of the Southern Coastal Highway Project (Phase V) - Lebanon, US$ 20 million for the Construction of Kushar Washha Road Project - Yemen, US$ 10 million Two-Step Installment Sale Facility in favor of the Government of Uganda to be used by the Uganda Development Bank to finance small and medium size projects as well as US$
550,000 as grant under IDB's Waqf Fund for three educational and vocational projects in Cambodia (US$ 150,000), Italy (US$ 200,000) and Vanuatu Republic (US$ 200,000).
IDB President Dr. Ahmad Mohamed Ali, who chaired the meeting, stated that the Board reviewed a report on the administrative and organizational arrangements of the 39th annual meeting of the Board of Governors as well as the IDB 40th anniversary celebrations held in Jeddah, KSA, in late June. 

The Board also expressed appreciation to the Custodian of the Two Holy Mosques, King Abdullah bin Abdulaziz, for generous sponsorship of the ceremonies and to His Royal Highness Crown Prince Salman bin Abdulaziz - for gracing the opening of the event underlining that this greatly impressed the participants, and best displayed the support rendered to the IDB Group by the Kingdom of Saudi Arabia. 

The Members of the Board further commended efforts by various departments in the Government of the Kingdom of Saudi Arabia and by the IDB Group staff that immensely contributed to the success of the events. Implementing the ten year strategic framework of the IDB Group approved by the Board of Governors and the proposed plan of action were discussed at the meeting as well. 

According to IDB President, a report was presented to the Board on the ongoing Strategic Partnership between the Bank and its Member Countries. The Board Members also discussed the action plan and budget outlines for the year 2015 comprising Ordinary Capital Resources as well as the programs within the framework of the Waqf Fund, the Islamic Research and Training Institute (IRTI), trust funds, and the Islamic Solidarity Fund for Development (ISFD).

On the occasion of the 299th meeting of the Board of Executive Directors, a special ceremony was held to honor the nine Board Members who completed their term of three years and to welcome the new members who were elected for the next three years. The IDB Board of Executive Directors comprises 18 members nine of whom represent groups of member countries for three-year terms while the other nine members are appointed by the major shareholders of the Bank.