JEDDAH, 12 June — The Islamic Development Bank (IDB) said yesterday it approved $273 million in new financing for development projects, trade operations and technical assistance to several member states.
The Jeddah-based bank said in a statement that the financing included $118 million for development projects in Malaysia, Bangladesh, Azerbaijan, Benin, Lebanon, Morocco and Algeria and a $100 million facility for Saudi Basic Industries Corporation.
The statement said the board also agreed to cut Senegal’s debts to IDB by $10.6 million and those of Mauritania by $6.5 million. The IDB’s board of executive directors sanctioned the funds during two days of meetings in Jeddah.
