- JEDDAH: The board of executive directors of the Islamic Development Bank (IDB), which concluded its 266th meeting at its headquarters in Jeddah, has approved $333.9 million for financing new projects.
The beneficiaries include Pakistan, Bahrain, Yemen, Benin, Sierra Leone and Saudi Arabia.
The board also approved a $1 million grant for the Syria-Turkey Inter-Regional Cooperation Program. Similar grants were also approved for Muslim communities in nonmember countries, including India, Fiji Islands, Kenya, Nepal, Thailand and the United States.
The board meeting, chaired by IDB President Ahmed Muhammad Ali, approved a $5.4 million loan for Benin for a microfinance support program, and an $8.88 million loan for Sierra Leone to fund a community-driven development project.
Yemen will receive a $10.5 million loan for a rural development project while Pakistan will receive $62 million in finance for the construction and equipping of a teaching hospital.
IDB will give $124 million for an electricity power project in Bahrain, $120 million for a refinery and petrochemical project in Jubail.
Lautoka Muslim Primary School in Fiji will receive a grant of $250,000 while the Indian Muslim community in Jharkhand received $226,000 to build a vocational training center, the IDB said in a statement.