FINANCIAL NEWS

IDB approves $620m financing plans

11 Aug 2010

(MENAFN) The President of the Islamic Development Bank (IBD) said that the Jeddah-based institution has finalized decisions on financing of a total of 12 projects worth $620 million, Saudi Gazette reported.

The bank discussed a proposal for financing a $200 million project on the OCP Jorf Lasfar Port Expansion project in Morocco, the $120 million Behna Combined Cycle Power Plant Project in Egypt as well as the $150 million Khartoum New International Airport Project in Sudan which were all later approved by the Board.

The institution also adopted resolutions on financing of different infrastructural, educational and health projects in several other IDB member countries including Iran, Burkina Faso, Djibouti, Gambia, Mauritania, Uzbekistan, Guinea, Cameroon and Sudan.

Also, the IDB board voted for rendering grants to 6 different Shari�ah-compliant projects through the IDB Waqf Fund ranging from expansion of an Islamic center in Argentina to building schools for Muslims in other countries including Ethiopia, Paraguay, Brazil and Ukraine.

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