Islamic Development Bank grants $63.3 million to Sudan

Updated 09 April 2018
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Islamic Development Bank grants $63.3 million to Sudan

  • IDB agreed to lend Tunisia $185 million
  • IDB is a Jeddah-based multilateral development financing institution
JEDDAH: A grant agreement worth $63.3 million for the establishment of facilities and services in South Darfur, Western Sudan, was signed by the Islamic Development Bank (IDB) in Tunis on Saturday.
Fluctuations on the foreign currency black market forced the Sudanese central bank to twice devalue the pound since January.
The pound hit an all-time low in January when it was selling for between 43 and 45 to the dollar.
Earlier this month, the IDB agreed to lend Tunisia $185 million to finance developments including an electricity project, an official told Reuters.
The bank agreed to finance an electricity link worth $150, as well as the construction of hospitals in Kasserine and Kef worth $34 million.
Founded in 1973, the IDB is a Jeddah-based multilateral development financing institution. It began its activities in 1975. The present membership of the bank consists of 57 countries.
The IDB is engaged in a wide range of specialized and integrated activities such as project financing in the public and private sectors; and boosting economic and trade cooperation among member countries.


Saudi royal decree guarantees allowances to cover cost of living for new fiscal year

Updated 18 December 2018
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Saudi royal decree guarantees allowances to cover cost of living for new fiscal year

A royal decree by Saudi Arabia’s King Salman ordered the continuation of allowances covering the cost of living for civil sector employees for the new fiscal year on Tuesday.

The decree states that 1,000 Saudi riyals ($266) would be given to citizens on a monthly basis.  This will continue for one year until the study of the social protection system is completed.

Saudi Arabia also announced plans to increase state spending by more than seven percent next year in an effort to spur economic growth, which has been hurt by low oil prices, according to a 2019 budget released by the finance ministry.