JEDDAH: The board of executive directors of the Islamic Development Bank (IDB) has approved $2.47 billion for its operational plan for the new-year to finance various development and technical assistance projects, and food security grants in member countries. The approval was made during the board’s 256th meeting at the IDB headquarters here under the chairmanship of IDB President Dr. Ahmad Mohamed Ali, it was reported yesterday.
The plan includes $2.09 billion toward regular funding and $381 million financing to be allocated toward programs and projects in member countries. Additionally, $357 million in loans will be allocated under the Islamic Solidarity Fund for Development in order to fight poverty. At the end of Shawwal 1429H, 153 operations including 56 projects and 87 technical assistance programs had been approved by the board, totaling an amount of $2.13 billion. The 1430H plan is a 15 percent increase in the rate of growth from the 1429H operational plan.
During its meeting, the board approved the total amount of $277 million for development projects and technical assistance in member countries, and grants from WAQF Fund for Islamic communities in non-member countries.
Details of project financing and trade operations approved by the board include $153.6 million installment sale for a Railway Tracks Project in Turkey, $52.65 million Istisna’a financing for the reconstruction of irrigation and drainage network in Djizzakh and Syrdaria Regions in Uzbekistan, $37.3 million Istisna’a financing for the Arboutachatak-Bitkine Road Project in Chad and $16.17 million Istisna’a sale for the Dangoumana Hydro-Agricultural Development Project in Burkina Faso.
Grants from the Waqf Fund include $125,000 for the construction of vocational training circle for Muslim Ladies Study Circle in Galle Town in Sri Lanka, $115,000 for the Construction of Students Hostel Building for Jamiatul Islah Islalmia , Bhutaha Town in Nepal, $150,000 for the Construction of Girls Hostel building at Hazrat Munam Pak Talimee Public School, Hazaribagh District, Jharkhand state, India.