IDB Approves $125m Finance

JEDDAH, 11 July 2006 — The Islamic Development Bank (IDB) has approved $125 million as leasing finance in favor of Saudi Arabia’s Saudi Basic Industries Corp.-Yanbu National Petrochemicals Company (SABIC-YANSAB) petrochemical project for establishment of an international modern complex to produce 1,700 tons of ethylene and propylene, and 1,300 tons of polymers and chemicals per annum. This is part of the $355.3 million approved by the IDB for project financing and trade operations. The approvals came during the 239th session of the Board of Executive Directors (BED), which concluded at the bank’s headquarters in Jeddah, recently.