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IDB okays over $455m for project financing and trade operations

JEDDAH — The Islamic Development bank (IDB) has approved more than $455 million for project financing and trade operations.

The approval came during the 232nd session of the Board of Executive Directors (BED), which concluded at the Bank's headquarters here on Sunday.

Dr Ahmed Mohammad Ali, President of IDB, who chaired the session, said in a statement made available to Khaleej Times here, that the amount was approved in favour of a number of member countries and Muslim communities in non-member countries towards project financing, trade operations and special assistance.

"The total amount includes more than $330 million for project financing and technical assistance, and more than a million dollars for assistance to communities in non-member countries for educational projects," Ali said.

The approved amount also includes more than $124 million for trade financing operations and two special approvals for Niger and Mali amounting to nearly $14 million for purchase of cereals for human consumption, animal feeds and agricultural inputs to mitigate the effect of drought and starvation in those countries. Mali gets about $13.4 million, and Niger a sum of $568,000.

Under development projects, Syria gets $109.3 million, followed by Azerbaijan $104.3 million, Oman $60.2 million, Senegal $15.4 million, Chad $13.1 million, the UAE $12.5 million, Cameroon $9.63 million, and Gambia $4.9 million.

Under technical assistance, the recipients are Somalia $ 440,000, and Guinea $ 389,000.

Approvals by the president for trade operations and project financing under Import Trade Financing Operations (ITFO) are for: Bangladesh $150 million, followed by Mauritania $40 million, Turkey $36.4 million, Kuwait $25 million, and Iran $19.5 million. Under Export Financing Scheme (EFS) the sole recipient is Malaysia $4.25 million.

During the session the Board also reviewed and approved several policy matters and new initiatives of the bank.