IDB Approves $661m in New Loans and Aid

Author: 
Staff Writer
Publication Date: 
Thu, 2003-04-24 03:00

JEDDAH, 24 April 2003 — The Islamic Development Bank has approved $661 million in loans and aid for development projects in member states and for Muslims around the world, the bank announced.

The aid, approved by IDB’s executive council, includes a grant of $2 million in urgent relief to Iraq, a statement by the Jeddah-based bank said.

IDB said Iran would get a $46.6 million loan to finance the second phase of a power plant, while Lebanon was to receive $37.5 million to finance infrastructure projects in Beirut.

Indonesia was to get $31 million for a university expansion plan and Qatar $24 million to finance a soybean scheme. IDB also approved a $22.5 million loan to Guinea for an educational program and diesel generators, and a $22.7 million loan to Morocco to finance a sewage project.

The bank approved credit facilities for several countries to finance the purchase of crude oil and products. These included $100 million to Malaysia, $70 million to Pakistan, $65 million each to Bangladesh and Morocco, $56 million for Indonesia and $25 million for Lebanon.

Tunisia would get $50 million to purchase wheat and barley and Turkey $15 million to buy scrap steel.

IDB approved two soft loans worth $12 million to the Palestinian Authority to rebuild houses damaged by Israeli troops and rehabilitate infrastructure projects.

The bank, an arm of the Organization of Islamic Conference, recently announced it had loaned around $24 billion to its 54 member countries since 1976, one year after it was founded.

It gives favorable low-interest loans to Islamic countries to help with development and economic difficulties, and has a capitalization of $9 billion.

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