IDB approves $300m in aid

JEDDAH, 20 February — The Islamic Development Bank yesterday approved $300 million in loans and grants to finance development projects in member states and for Muslim minorities. The funds were sanctioned by the IDB board of executive directors who met over the past two days at the bank's headquarters in Jeddah. IDB President Dr. Ahmad Muhammad Ali said the meeting also discussed the bank's operations for the year 2001-2002 which amount to $885 million with an increase of 7 percent over the previous year's $827 million. The board authorized the bank' president to approve projects costing up to $10 million in favor of the Palestinians from $55 million already approved by the board in a previous session. (AN)