Islamic Development Bank pledges $800m to boost economies of 7 developing countries

Updated 18 October 2017
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Islamic Development Bank pledges $800m to boost economies of 7 developing countries

WASHINGTON: The Islamic Development Bank (IDB) has signed agreements worth $804 million with seven countries in Africa and Latin America in order to help boost their economies.
The agreements, which came on the sidelines of the annual meetings of the World Bank Group and the International Monetary Fund in Washington, cover several infrastructure projects in the areas of energy, housing, agriculture and water supply.
The agreements were signed by Bandar Hajjar, the chairman of IDB Group, and the finance ministers of Burkina Faso, Ivory Coast, Senegal, Mali, Guinea, Tunisia and Suriname during a ceremony organized by the IDB in honor of members of the board of governors in Washington.
“These projects will help address the development challenges facing our member countries, and will contribute significantly to job creation and create a favorable environment for public and private sector growth,” said Hajjar.
He stressed that the IDB believes that any citizen of the member states must have decent living conditions and that “the bank looks forward to further constructive partnership with member states in order to build a prosperous future for the peoples of these countries.”
Projects covered in the agreements include the Cocody Bay and $265 million in vocational training projects in Ivory Coast. They also include the Sirakoro power plant in Mali, with a value of $166 million, and the $138 million Promoville housing project in Senegal.
Other funded projects were a $16 million rural water supply project in Guinea, a $104 million power plant project in Burkina Faso, an $80 million subsidization of the Tunisian agricultural sector, and a $35 million affordable-housing project in Suriname.


FaceOf: Rayed Al-Ajaji, CEO of KSA's Universal Metal Coating Company

Rayed Al-Ajaji
Updated 46 min 52 sec ago
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FaceOf: Rayed Al-Ajaji, CEO of KSA's Universal Metal Coating Company

  • Al-Ajaji professional experience spans more than 20 years and includes the markets of Saudi Arabia, the GCC, and other Arab countries
  • Al-Ajaji earned a bachelor’s degree in engineering management and a master’s degree in industrial management from the University of Miami between 1992 and 1997. 

Rayed Al-Ajaji is the CEO of the Universal Metal Coating Company Ltd. (UNICOIL) and chairman for the National Committee for Steel Industry (NCSI). He recently spoke at the 13th annual Arab Steel Summit in Amman about how the government and the private sector can work together to ensure future market competitiveness. 

“Despite the fact that so many of our manufacturers are producing at less than 50 percent capacity due to unfair competition, as a country we are a net importer of steel,” he said. “We are leaving billions of economic value on the table.

“We have an opportunity today to work together to stop that and keep this revenue in the country to help achieve our ambitious national growth plans. Our country has invested billions over the years in world-class facilities that manufacture the highest-quality steel products and we must work together to ensure it remains competitive and thriving.”

Al-Ajaji earned a bachelor’s degree in engineering management and a master’s degree in industrial management from the University of Miami between 1992 and 1997. 

He subsequently gained a diverse range of experience in various steel-manufacturing processes, including the commercial steel trade, building materials, and business process re-engineering. 

His professional experience spans more than 20 years and includes the markets of Saudi Arabia, the GCC, and other Arab countries.

NCSI is a not-for-profit organization set up by the Council of Saudi Chambers with a mandate to meet challenges, engage with industry members, and develop a culture of industrial and communal responsibility and commitment toward the realization of Saudi Vision 2030.