JEDDAH, 1 December 2004 — The 227th session of the Board of Executive Directors (BED) of the Islamic Development Bank (IDB) that concluded at the bank headquarters here on Monday approved the five-year strategic plan of the IDB Group and the implementation of nearly $1.3 billion toward project financing and trade operations.
According to bank President Dr. Ahmed Muhammad Ali, IDB begins its fourth decade of service with a strategic plan
“We expect the coming years will have a lot of development plans,” he said. “The strategic plan identifies major elements of the IDB Group to improve efficiency and service to member countries.”
The IDB Group with IDB as flagship, incorporates the Islamic Corporation for the Development of the Private Sector (ICD), Islamic Corporation of the Insurance of Investment and Export Credit (ICIEC), and Islamic Research and Training Institute (IRTI).
Ali, who chaired the session, said that the total amount includes $122 million for project financing, $2 million for special assistance to Muslim communities in non-member countries, and $751 million for trade operations, and around $378.2 million for trade operations from the Asset Management Department (comprising the Unit Investment Fund, Islamic Banks Portfolio and Awqaf Properties Investment Fund), in terms of approvals made by the president between the previous and present sessions of the board.
Under development projects, Oman receives the highest amount for two projects — $37.3 million and $150,000. Other recipients are Indonesia ($20.8 million), Tunisia ($19.2 million), Tajikistan ($13.8 million), Mauritania ($13 million), Bangladesh ($10.2 million), Senegal ($6.5 million), and Morocco ($23,680).
The highest amount — $285,000 — under the IDB Waqf Fund goes to Alberta in Canada, followed by Ukraine ($275,000), Bangkok City, Thailand ($245,000), Kaduna, in Nigeria and Massawa in Eritrea ($235,000 each), Cape Town, South Africa ($220,000), Orenburg Province in the Russian Federation ($210,000), Mandera, North Eastern Province of Kenya ($195,000), and Uttar Pradesh state in India ($150,000).
The board took note of trade operations from the Assets Management Department amounting to $378.2 million approved earlier. Approvals made by the president between the previous and present sessions for trade operations and technical assistance include Import Trade Financing Operations (ITFO) for Pakistan for five operations totaling $200 million, the highest amount, followed by Bangladesh (two operations — $185 million), Egypt (three operations — $75 million), Iran (five operations — $64 million), Tunisia (three operations — $60 million), Turkey (two operations — $35 million), and the UAE ($20 million), and Yemen ($2 million) for one operation each.