IDB Approves US $789.4 million for new Projects Jeddah, KSA-09.07.2013- The Board of Executive Directors of the Islamic Development Bank (IDB), has approved US $789.4 million to finance development projects in eleven member countries (Turkey, Egypt, Morocco, Uganda, Pakistan, Burkina Faso, Mozambique, Yemen, Togo, Jordan and Mali) as well as education projects for Muslim communities in non-member countries (Kenya, Nepal and Congo) . The approvals came during the 291st meeting of the Board which was held starting Sunday 7 July at the IDB headquarters, under the chairmanship of the IDB President, Dr. Ahmad Mohamed Ali. The Prime Minister of Tunisia, H.E. Ali Laraayedh who was visiting Saudi Arabia during the period, attended the opening session of the Board. The IDB President welcomed the Prime Minister and expressed happiness over the cooperation between Tunisia and the IDB over the years. The BED approved US $220 million for the Turkey Development Bank program to finance renewable energy projects; Egypt received approval of US $200 million for the expansion of Damietta West Power Plant, while US $140.20 million was approved for the reinforcement of water supply systems in Agadir and Chtouka Ait Baha areas of Morocco. Uganda will benefit from US $120 million for upgrading of road projects; Pakistan received approval of US $35 million for financing reconstruction of schools destroyed by the floods and US $19.8 million will go to a water supply project in Ouahigouya, Burkina Faso. The BED also approved US $15 million for an Integrated Rural Development Project in Yemen. The rest of the approvals included US $8 million for Niassa electrification project in Mozambique, US $7 million for a project on access to energy for rural communities in Togo and US $23.7 million to Mali to address food insecurity in the country. A grant of US$ 200,000 was extended to Jordan for building capacity of rural producer organizations under the healthy villages program.
Posted on: Thu, 11 Jul 2013 13:09:20 +0000
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