IDB Approves US$616 Mln For Projects In Muslim Countries, Communities
DUBAI, July 19 (Bernama) -- The Jeddah-based Islamic Development Bank (IDB) is funding new projects and technical assistance in member countries and Muslim communities in non-member states to the tune of US$616.2 million (US$1=RM3.24).
The amount was approved by the IDB board of executive directors which met recently.
In a statement, IDB said the development projects to be financed are located in Tunisia, Uzbekistan and Malaysia as well as two others from the Islamic Solidarity Fund in favour of Bangladesh and Yemen.
The funding includes US$92 million for the Kuala Lumpur to Kuala Selangor Toll Expressway project in Malaysia; US$195.6 million instalment sale for the extension of the Feriana and Thyna power plant in Tunisia; and, US$42 million instalment sale for the 500KV Guzar-Surkhan transmission line and sub-stations project in Uzbekistan.
The meeting also approved grants from the Waqf Fund in favour of Muslim communities in Mauritius, Bosnia Herzegovina, India, United States, Congo and Sweden for projects mainly in the education and health sectors.
The president of the bank also made several approvals between the previous and present sessions of the board, including US$100 million for the Ma'aden Phosphoric Fertilizer Complex in Saudi Arabia and US$150 million for the Ras Laffan project in Qatar. A progress report on the implementation of IDB Vision 2020 was also reviewed at the board meeting.
-- BERNAMA