IDB approves $ 617 m funding for new development projects

Updated 03 April 2013

IDB approves $ 617 m funding for new development projects

At the 289th meeting of its board of executive directors convened beginning of the week, the Islamic Development Bank (IDB) approved $ 617 million toward funding development projects, which included important projects in the areas of education ($ 174 million for Indonesia), electricity ($ 319.6 million for Iran, Uganda and Bangladesh), agriculture ($ 80 million for Morocco), sanitation ($ 15 million in Maldives) and health ($ 10 million for Mozambique).
The board members concurred to raise IDB’s participation in the capital of the Istanbul-based Kuwait Turkish Participation Bank Inc. by nearly $ 18 million to stand at $ 65 million. The approvals also included $ 750,000 as grants under IDB’s Waqf Fund for educational projects for four Muslim communities in non-member countries namely in Botswana, Nepal, Thailand and Fiji. The board took note of technical assistance grants of $ 450,000 approved by the president to Afghanistan for the education sector and to ASEAN (which includes three IDB member countries — Brunei Darussalam, Indonesia and Malaysia — in its membership) for the fishing sector.
Bearing in mind the success of IDB’s medium term note program and the rising financing needs in its member countries, the board agreed to raise the size of IDB’s sukuk program from $ 6.5 billion to $ 10 billion.
IDB’s cumulative sukuk issuance since August 2003 is expected to reach $ 7 billion by the end of November 2013. The meeting also reviewed the ongoing arrangements for the 38th annual meeting of IDB board of governors, at the level of ministers of finance, economy and planning of the 56-member countries, slated for May 21-22 in Dushanbe, Tajikistan.


China suspends planned tariffs on some US goods

Updated 13 min 37 sec ago

China suspends planned tariffs on some US goods

  • Chinese tariffs were supposed to target goods ranging from corn and wheat to vehicles and auto parts
  • Beijing agreed to import at least $200 billion in additional US goods and services over the next 2 years

SHANGHAI: China has suspended additional tariffs on some US goods that were meant to be implemented on Dec. 15, the State Council’s customs tariff commission said on Sunday, after the world’s two largest economies agreed a “phase one” trade deal on Friday.
The deal, rumors and leaks over which have gyrated world markets for months, reduces some US tariffs in exchange for what US officials said would be a big jump in Chinese purchases of American farm products and other goods.
China’s retaliatory tariffs, which were due to take effect on Dec. 15, were meant to target goods ranging from corn and wheat to US made vehicles and auto parts.
Other Chinese tariffs that had already been implemented on US goods would be left in place, the commission said in a statement issued on the websites of government departments including China’s finance ministry. “China hopes, on the basis of equality and mutual respect, to work with the United States, to properly resolve each other’s core concerns and promote the stable development of US-China economic and trade relations,” it added.
Beijing has agreed to import at least $200 billion in additional US goods and services over the next two years on top of the amount it purchased in 2017, the top US trade negotiator said Friday.
A statement issued by the United States Trade Representative also on Friday said the United States would leave in place 25% tariffs on $250 billion worth of Chinese goods.