IDB approves $333.9 million in new grants

March 17, 2010

The Board of Executive Directors of the Jeddah-based Islamic Development Bank (IDB) concluded its 266th meeting at its headquarters in Jeddah with the announcement of $333.9 million in financing for new projects. The beneficiaries include Pakistan, Bahrain, Yemen, Benin, Sierra Leone and Saudi Arabia. The board also approved a $1 million grant for the Syrian-Turkish Inter-Regional Cooperation Program. Similar grants were approved for Muslim communities in non-member countries, including India, Fiji, Kenya, Nepal, Thailand and the United States.

The Board, chaired by IDB President Ahmed Muhammad Ali, approved a $5.4 million loan for Benin for a microfinance support program; an $8.88 million loan for Sierra Leone to fund a community-driven development project; a $10.5 million loan for a rural development project in Yemen; $62 million in financing for the construction and equipping of a Pakistani teaching hospital; $124 million for an electricity power project in Bahrain; $120 million for a refinery and petrochemical project in Jubail, Saudi Arabia; a grant of $250,000 for the Lautoka Muslim Primary School in Fiji; and $226,000 for the Indian Muslim community in Jharkhand to build a vocational training center.