IDB approves more than US 466 million for new development projects

12/29/2015 7:36:50 AM

(MENAFN- Emirates News Agency (WAM))

JEDDAH 29th December 2015 (WAM) -- The Board of Executive Directors of the Islamic Development Bank (IDB) has approved financing for several major new and also ongoing projects during its 309th meeting in Jeddah.

Four Member countriesKazakhstan Lebanon Pakistan and Turkeywill receive US $466.4 million for development projects.

The Board also decided on opening special accounts for a US $176 million project within the context of the "Jeddah Declaration". The project will enhance the capacity of people to adapt to recurrent droughts in the African Sahel countries of Burkina Faso Chad the Gambia Mali Mauritania Niger and Senegal.

Four special assistance grants were approved under the IDB Waqf Fund. A total of US $650000 will go towards education and health care projects for Muslim communities in Canada Ethiopia the United Kingdom and Zimbabwe. The grants are in line with the Bank's continued efforts for socio-economic development and advancement of Member countries and Muslim communities in non-member countries.

Other major Board approvals include: US $273 million to reconstruct the Aktobe-Makat Road project in Kazakhstan; US $90 million to assist the polio eradication programme (2016-2018) in Pakistan; US $82 million to support the Konya PPP Hospital project in Turkey and US $20.7 million to construct the Bir-Al Hith Qartaba Road (phase III) in Lebanon.

In addition a number of important reports were reviewed and the agenda for the 41st Annual Meeting of the Board of Governors slated for 18-19 May 2016 in Jakarta Indonesia was approved.

WAM/AAMIR

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