The 276th Board of Executive Directors of the Islamic Development Bank went in session at IDB headquarters in Jeddah, on Sunday, June 26th. The meeting chaired by IDB President Dr. Ahmad Mohamed Ali, approved a batch of more than $716.7m financings for new development projects in the IDB member countries as well as grants under IDB’s Waqf Fund for projects in communities in non-member countries including Brazil, Burundi, Ethiopia, China, India and Slovenia together with donations for development of four hospitals in Somalia.
Amongst the major approvals of the meeting were a number of strategic projects including; $198m of financings for power generation and primary education projects in Bangladesh, $191m of financing facilities for water transmission & storage plans in Bahrain, $95m for power production in Senegal, a $75m financing line for an Islamic bank in Turkey, $66m of financing for power production in Syria as well as the $25m line of financing for Bank Syariah Mandiri in Indonesia in addition to contributing to several other projects in Gambia, Mali, Sierra Leone and Lebanon.
A batch technical assistance grants approved by the IDB Group President also featured on the agenda of the meeting namely; a $294 thousand grant for technical assistance for feasibility studies on upgrading and reconstruction of Ujar-Zardab-Agjabadi Road in the Republic of Azerbaijan as well as the US$ 312 thousand grant for technical assistance for Cotton Sector Revitalization Program in Mozambique.
Further, the members of the Board discussed the latest arrangements underway for the upcoming 36th Annual Meeting of the Board of Governors at the level of finance, economy and planning ministers from 56 IDB member countries due to be held 29th-30th June, 2011, in Jeddah.
Details of the 276th meeting approvals are as follows:
A) Development Projects
1- $198m for projects in Bangladesh
($180m for Bhola 225 MW Combined Cycle Power Plant Project, plus $18m for Primary Education Development Project)
2- $191m for Water Transmission and Storage Development Project, Bahrain
3- $95m for Power Barge Project, Senegal
4- $75m for Line of Financing for Turkey’s Finans Katlim Bankasi (TFKB), Turkey
5- $66.7m additional financing for Dier Al-Zoor Power Plant Project, Syria
6- $25.2m for 20 MW Brikama II Power Project, Gambia
7- $25m for Line of Financing for Bank Syariah Mandiri, Indonesia
8- $21m for Basic Urban Infrastructure for a Social Housing Project in Bamako, Mali
9- $12m for Kabala Water Supply Project, Sierra Leone
10- $5m for Establishment of Three Schools in Priority Areas, Lebanon
B) Grants and special assistance projects under IDB WAQF Fund
- $500 thousand for upgrading Four (4) hospitals in Puntland State, Somalia
- $430 thousand for the establishment of an Islamic Educational Center, Maribor City, Slovenia.
- $400 thousand for Establishment of Primary School in Florianopolis, Brazil
- $360 thousand for the construction of Dormitory for the International Language Institute in the Islamic City, Ningxia Province, China
- $180 thousand for the construction of a Primary School in Kinyinya, Mutimbuzi, Republic of Burundi
- US$ 160 thousand for the construction of St. Bilal School, Kakori Town, Lucknow, Uttar Pradesh State, India
- $150 thousand for the Procurement of Workshop Equipment for Daleti Vocational Training School, Ethiopia
C) Operations Approved by the President, IDB
- $294 thousand T.A. (Grant) operation for the Feasibility Study on Upgrading and Reconstruction of Ujar-Zardab-Agjabadi, Azerbaijan.
- $312.5 thousand T.A. (Grant) Financing for Cotton Sector Revitalization Program, Mozambique
The ongoing meeting of the board of Executive Directors of the IDB is scheduled to wrap up work concurrent with the closing ceremony of the 36th Annual Meeting of the Board of Governors of the Bank on 30th June, 2011.
Originally Published On: www.ameinfo.com – Original Article Here