IDB Approves US$447m For Financing New Development Projects
JEDDAH— The Islamic Development Bank (IDB) has approved US$447.6 million towards financing several new development projects in its 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.
A major part of the financing, US$304 million, went to the energy sector, the bank said in a statement after its Board of Executive Directors' meeting here yesterday.
"US$220 million went for a Power Grid Extension Project in Bangladesh and US$83.75 million for the 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," it said.
The bank added an additional US$25 million for the second phase of the Queen Alia Airport Expansion Project in Jordan, raising its financing for the airport expansion to US$125 million.
The bank said US$15 million also went for the Primary Healthcare Services Expansion Project in Chad and US$15 million for the Support to the Development of Technical and Vocational Schools Project in Guinea.
The board further approved IDB's continued contribution to the International Centre for Biosaline Agriculture (ICBA), Dubai, UAE, as the centre represents a successful example of mutual cooperation between the Bank and the UAE.
IDB said ICBA has developed into a world-class research centre with an international team of scientists and researchers working on innovative solutions to improve the status of poor farmers and to implement development programmes aimed at upgrading productivity in agricultural regions.
A US$450,000 technical assistance grant was also provided under the IDB Waqf fund towards capacity development of microbiology laboratory technicians 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 diseases such as TB, AIDS and malaria and support educational and vocational programmes aimed at tackling poverty and unemployment.
The meeting was held concurrently with IDB's 39th Annual Meeting of the Board of Governors here on June 24-26 under the patronage of The Custodian of the Two Holy Mosques and attended by Ministers of Finance, Economy and Planning of the 56 member countries.
Second Finance Minister Datuk Seri Ahmad Husni Mohamad Hanadzlah will lead the Malaysian delegation to the Annual Meeting.