MADINAH – Members of the Board of Executive Directors of the Islamic Development Bank (IDB), in their 318th meeting which convened in Madinah Al Munawarah, approved allocation of $714.7 million worth of financing for new development projects in member countries.
Chaired by IDB Group President Dr. Bandar Hajjar, the meeting wrapped up work on Monday with several strategic financing approvals, including: $328.5 million for “Reconstruction of Atyrau – Border of Russian Federation (Astrakhan)” project in Kazakhstan; $300 million for phase two of the “Construction of Rural Housing” project in Uzbekistan; and $86 million for “Expansion and Development of the Port of Tripoli” project in Lebanon.
The Board Members were also informed of a $270,000 technical assistance grant approved by the IDB Group President for the Sultanate of Oman aimed at increasing the “Export Value of Luban and Dates.”
Furthermore, the Board members discussed reports submitted by the Audit, Finance, and Operations Committees while reviewing the documents prepared for the upcoming 42nd Annual Meeting of the IDB Board of Governors slated on May 14-18 May, 2017 in Jeddah, to be attended by Finance and Economy Ministers of 57 IDB member countries.
The IDB Annual Report draft in addition to a number of audited financial statements of the Islamic Solidarity Fund for Development, ISFD, as well as those of a number of other Funds under the IDB were reviewed.
Reports on partnership strategies with member countries, as well as the performance of the 2nd Infrastructure Fund, were also reviewed by the Board. — SG
