IDB approves more than $772 million to finance new projects

October 6, 2010

The Jeddah-based Islamic Development Bank (IDB) has approved the financing of several new development projects worth $772.3 million. The decisions were made during the 271st session of the Bank’s Board of Executive Directors, held yesterday under the chairmanship of IDB President Dr. Ahmad Mohamed Ali.

Nine IDB member countries have been approved to receive financing, including Indonesia, Uzbekistan, Bangladesh, Pakistan, Sudan, Turkmenistan, Gambia, Mauritania, and Albania. Technical assistance in the form of grants for developmental projects was approved for Benin, Chad, Togo, Sudan and Gulf Cooperation Council (GCC) countries. The funding will also go towards health and educational projects for communities in non-member countries, including Congo, Fiji, India, and South Africa.

The breakdown of the financing is as follows:

- $167.2 million for the reconstruction and upgrading of the M39 Road in Surkhandarya Region (Uzbekistan)

- $146.45 million, plus a $6 million loan, for the Integrated Community Driven Development (ICDD) Phase II Project (Indonesia)

- $140 million for the Padma Multipurpose Bridge Project (Bangladesh)

- $90 million for the leasing of the Uch II Power Expansion Project (Pakistan)

- $80 million for the Algadarif Water Supply Project (Sudan)

- $25.73 million, plus a $6.91 million installment sale and a $3.4 million loan, for the Development and Quality Improvement of the Semarang State University Project (Indonesia)

- $14.93 million, plus a $15.01 million loan for the construction of the KIFFA-KANKOSSA Road Project (Mauritania)

- $15.13 million, plus a $13.64 million installment sale, for the construction and equipping of the new Dental Care Project (Turkmenistan)

- $14.16 million, plus a $13.62 million loan, for the Aftouti Elchagui Zone East Water Supply Project (Mauritania)

- $400,000, plus a $15.86 million loan, for the Community-Based Infrastructure and Livelihood Improvement Project (CILIP) (Gambia)

- $300,000, plus a $4 million loan, for a microfinance project (Albania)

- $300,000 for a capacity building project (Benin)

- $286,000 for a capacity building project (Chad)

- $266,000 for a capacity building project (Togo)

- $220,000 for an electronic library project (Standard Organization of the GCC countries)

- $4.3 million (including two grants and two concessional financing loans) to support the health and educational sector (southern Sudan)

The IDB also approved a total of $1.09 million worth of financing for education, health and vocational projects within the framework of the IDB “WAQF” (Endowments) Fund directed towards communities in non-member countries. This includes $300,000 for the Congo, $150,000 for Fiji, $290,000 for India and $350,000 for South Africa.