$ 617 m IDB funding for new projects



JEDDAH: ARAB NEWS

Published — Friday 5 April 2013

Last update 5 April 2013 4:46 am

| نسخة PDF Print News | A A

At the 289th meeting of its board of executive directors convened beginning of the week, the Islamic Development Bank (IDB) approved $ 617 million toward funding development projects, which included important projects in the areas of education ($ 174 million for Indonesia), electricity ($ 319.6 million for Iran, Uganda and Bangladesh), agriculture ($ 80 million for Morocco), sanitation ($ 15 million in Maldives) and health ($ 10 million for Mozambique).
The board members concurred to raise IDB’s participation in the capital of the Istanbul-based Kuwait Turkish Participation Bank Inc. by nearly $ 18 million to stand at $ 65 million. The approvals also included $ 750,000 as grants under IDB’s Waqf Fund for educational projects for four Muslim communities in non-member countries namely in Botswana, Nepal, Thailand and Fiji. The board took note of technical assistance grants of $ 450,000 approved by the president to Afghanistan for the education sector and to ASEAN (which includes three IDB member countries — Brunei Darussalam, Indonesia and Malaysia — in its membership) for the fishing sector.
Bearing in mind the success of IDB’s medium term note program and the rising financing needs in its member countries, the board agreed to raise the size of IDB’s sukuk program from $ 6.5 billion to $ 10 billion.
IDB’s cumulative sukuk issuance since August 2003 is expected to reach $ 7 billion by the end of November 2013. The meeting also reviewed the ongoing arrangements for the 38th annual meeting of IDB board of governors, at the level of ministers of finance, economy and planning of the 56-member countries, slated for May 21-22 in Dushanbe, Tajikistan.

What's happening around Saudi Arabia

JEDDAH: The Kingdom and Namibia have signed a protocol to establish diplomatic relations between them.According to SPA, the protocol was signed on Tuesday by Saudi Arabia’s Permanent Representative at the United Nations Abdullah Al-Mouallimi and his...
JEDDAH: Official reports reveal nationalization levels of medical and health workers in the Kingdom remain low, with Saudi nationals making up only 21.7 percent of physicians, 31.8 percent of nurses, and 67.4 percent of ancillary staff.According to t...
JEDDAH: The Saudi Food and Drugs Authority (SFDA) will begin receiving clearance applications for medicines and medical supplies, including drugs containing narcotic or psychotropic substances, for Haj missions or other government bodies on Saturday....
JEDDAH: Saudi importers of cattle said the Haj season this year will not see an increase in the price of livestock due to the stability of the local market and the available supply.There are also guarantees from exporting countries that required quan...
JEDDAH: At the upcoming elections the national identity card will be the only approved document used for identifying voters of both genders and allowing voters to exercise their electoral right, provided all statutory requirements are met.In a press...
JEDDAH: Education Minister Azzam Al-Dakhil has spoken of a new education policy which emphasizes the importance of harmonizing admission policies in universities with the needs of the labor market.Al-Dakhil made these remarks during a meeting with un...
JEDDAH: Local bottled water consumption during the summer, Umrah and Haj seasons this year will increase by 10 percent.“This translates into an annual growth rate of between 4 percent and 5 percent,” Rashed Bin-Zouma, a water industry expert, was qu...
RIYADH: Four Saudi secondary students including a young woman from the Eastern Province have received prestigious medals at the 47th International Chemistry Olympiad (IChO), which concluded in Azerbaijan last week.The winners of the four bronze medal...
JEDDAH: The UAE’s decision to lift fuel subsidies beginning in August has raised the possibility of other Gulf states following suit.Economists suggest a wide disparity of prices of gasoline in the Gulf countries will lead to more petrol smuggling op...
DAMMAM: The tourism industry in the Kingdom is witnessing great interest by authorities to develop the archaeological areas, promote their support services and create the best environment for tourism products, said businessman Abdul Mohsen Al-Hokair....
JEDDAH: The ongoing World Circus at north Obhur has brought smiles on the faces of orphans, with its show of acrobats featuring 20 performers and clowns.The orphans of Al-Rawdah district charitable organization said they found the circus entertaining...
RIYADH: The Nepalese ambassador to Saudi Arabia, Udayaraj Pandey, thanked the Kingdom on Thursday as he ends his four-year tour of duty in Saudi Arabia.Earlier in the day, he called on Riyadh Gov. Prince Faisal bin Bandar to pay him a courtesy call a...
RIYADH: Movies produced by young and amateur Saudi filmmakers will be shown on Saudi Television starting in the middle of next week.“The films will be shown daily to encourage young Saudi filmmakers,” said Abdulaziz Fahad Al-Eid, senior broadcaster a...
RIYADH: The King Abdul Aziz City for Science and Technology (KACST) signed a memorandum of understanding on Thursday with the Saudi Electricity Co. (SEC) and Taqnia Energy to launch the first standalone 50MW solar power station at Al-Aflaj.KACST also...
UN Secretary General Ban Ki-moon and Saudi Arabia’s permanent representative to the UN Abdullah Al- Muallami unveiled a beautifully framed old kiswa (covering) of the door of the Holy Kaaba at one of the newly refurbished halls of the world body. The...

Stay Connected

Facebook