JEDDAH, 23 July 2003 — The board of executive directors of Islamic Development Bank (IDB) approved new financing for more than $384 million at its 216th session held at the bank’s headquarters here on Monday. IDB President Ahmad Muhammad Ali chaired the meeting. New finances are in favor of a number of member countries and Muslim communities in non-member countries.
According to the IDB president, the new provisions consist of more than $476 million for financing development projects in 13 member countries, and $560,000 as grants from the Waqf fund for financing three educational projects in Muslim communities in non-member communities. It also approved $9.7 million toward export financing operation of petroleum products from Arab countries under BADEA program.
The board took note of the approvals made by the IDB president for about $98 million toward import trade financing operations and export financing operations between the current and last sessions of the board of executive directors.