ISFD approves more than $45 million in loans for development projects
July 24, 2009
The Board of Directors of the Islamic Solidarity Fund for Development (ISFD), an affiliate of the Islamic Development Bank (IDB), has approved financing for new development projects worth $45.8 million. They include:
- A concessional loan for $10.2 million to Afghanistan to help finance the Doshi-Pol-Khumri Road Project. (The IDB previously provided $10 million in financing for the same project.)
- A concessional loan for $5 million to the Kyrgyz Republic to support micro-enterprises through local partners in rural areas. A technical assistance grant of $300,000 shall also be provided for the project.
- A $20 million and a $10 million concessional loan to the Republic of Tajikistan for the Kaliab-Kalaykhum Road Project and micro-enterprise financing, respectively. A technical assistance grant for $330,000 will be provided for the latter project.
The decisions were made at the 12th meeting of the ISFD Board of Directors at its headquarters in Jeddah. The Islamic Solidarity Fund seeks to mobilize resources to reach its targeted capital of $10 billion to combat poverty in member states of the Organization of the Islamic Conference (OIC).