The Jeddah-based Islamic Development Bank (IDB) has approved $5 billion for its work plans in the new year (1435H), local media said.

Meanwhile, the IDB board of directors has agreed to fund new projects at a cost of $368.3 million (SR1.38 billion) in a number of member countries.

The IDB Group, headed by its Chairman Ahmad Mohamed Ali, explored policies and programs of the bank and its future plans.

The approved funding comes to serve the interests of socioeconomic development in the member countries in the context of its medium-sized business strategy in the second term (1434-36H), which is aimed to achieve the targeted fund of $15.23 billion in a three-year period, the bank said.

Two loans approved by the bank will go to fund two projects, the first is related to an energy project in Turkey where the IDB Group’s share stands at $220 million, whereas the second is related to an oncology project in Djibouti at $5 million.

The IDB board was also briefed on projects approved by its chairman, including six projects, worth $142.3 million, aimed to boost food security in non-member countries — Gambia, Mauritania, Burkina Faso, Chad, Niger and Senegal.

The approved funds also included provision of aids and grants worth $1 million to support education projects in Muslim communities of non-member countries — Fiji, Mauritius, Rwanda, Spain, and Ukraine, the bank said.

It is to be recalled that the purpose of the IDB Group is to foster the economic development and social progress of its 56 member countries and Muslim communities (individually as well as jointly) in accordance with the principles of Shariah.