JEDDAH, 18 June 2003 — The 215th session of the board of executive directors of the Islamic Development Bank, which ended here on Monday, approved new financing exceeding $538 million in favor of projects in a number of member countries and Muslim communities in non-member countries.
“The new provisions consist of more than $123 million for development projects in seven member countries, and $805,000 as grants from the Waqf Fund for five educational projects in Muslim communities in non-member countries,” said IDB President Dr. Ahmad Mohamed Ali, who chaired the session.
The board took note of the approval by the IDB president of some $414 million toward import trade financing operations, export financing and technical assistance operations between the current and last sessions of the board of executive directors.
Loans include $26.6 million for development upgrading of Stain Malang State College in Indonesia, $5.4 million for additional financing of the Mamdi Polder Irrigation Project, $9.3 million for an education project in Mali, $47.6 million for the Constantine and Mila Water Supply Project in Algeria, $9.8 million for the Faculty of Engineering at Aden University in Yemen and $23.8 million for Singrobo-Yamoussoukro Highway project in Cote d’ Ivoire. The session also approved of $1.2 million as technical assistance toward a study for restructuring the general secretariat of the Organization of the Islamic Conference (OIC) and implementation of quick-win initiatives.
