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Publish Date : 10-Apr-2013

The Jeddah-based multilateral development financing institution - Islamic Development Bank (IDB) has offered its approval for funds worth US$ 617 million for development projects to support its member nations.

Out of the total US$ 617 million, Indonesian education sector will receive US$ 174 million, while US$ 319.6 million will be shared between Iran, Uganda and Bangladesh for power projects and Morocco will get US$ 80 million for agriculture sector.

Moreover, the Mozambican healthcare sector and Maldivian sanitation sector will receive US$ 10 million and US$ 15 million respectively from the IDB’s allotted funds.

The Bank’s Board Members have approved to boost the contribution of the IDB in the capital of the “Kuwait Turkish Participation Bank Inc” in Istanbul by almost US$ 18 million to make it US$ 65 million.

Moreover, four Muslim communities in non-member countries of Botswana, Nepal, Thailand and Fiji will be given grants of US$ 750,000 as part of the Waqf Fund of the Bank meant for educational projects.

The Board has stressed on the President‘s approval for the technical support grants of US$ 450,000 to Afghanistan for the education sector and to ASEAN, including three IDB member countries - Brunei Darussalam, Indonesia and Malaysia - for the fishing industry.

The IDB Board has also decided to increase the amount of the Sukuk scheme of the Bank to US$ 10 billion from US$ 6.5 billion, considering the accomplishment of IDB’s medium term note scheme and the growing financing requirements in its member nations.

It is notable that the Bank’s cumulative Sukuk offer, which was issued in August 2003, is likely to touch the figure of US$ 7 billion within the last part of 1434H, i.e., this November.

The meeting has also made assessment on the existing preparations for the 38th Annual Meeting of the Board of Governors of IDB, which is scheduled to take place amid 21st and 22nd of next month in Tajikistan’s Dushanbe, at the ministerial level including finance, economy and planning ministries of the 56 member nations.

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