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SAUDI ARABIA : IDB allocates more than US$ 890 million for development projects
Publish Date : 26-Sep-2011
Islamic Development Bank (IDB) has approved Kingdom of Saudi Arabia, allocations of more than US$ 890 million of finance for development of projects in a number of member countries as well as some other projects for Muslim communities in different parts of the world. The Board also ratified the establishment of a unified Sharia board to issue Sharia compliant decisions for Islamic financial industry related issues in the entire IDB Group.
The major approvals under the chairmanship of IDB Group President, Dr. Ahmad Mohamed Ali, included; US$ 219 million for a medical project in Turkey, US$ 200 million for a water supply and sanitation program in Azerbaijan Republic, US$ 150 million for contributing to a dam construction project in Sudan, US$138 million for a power plant in Morocco, US$ 116 million for a road and transport project connecting Chad to Niger as well as US$ 60 million for a hydro electric project in Pakistan.
Further approved Technical Assistance Grants totaling nearly US$ 2 million for educational and infrastructural projects in MENA and Africa regions in addition to US$ 720,000 in grants for operations under IDB WAQF Fund for Muslim communities in India, Malawi and the United States.
The IDB board members authorized the President to increase the Bank\'s contribution in the capital of the United Bank of Albania (UBA) by US$ 5 million and also acceptance of Turkey\'s Bank Asya as a strategic investment partner in the capital of UBA.
