(MENAFN) The Islamic Development Bank (IDB) announced that it will provide its member countries and Muslim communities in non-member countries with nearly USD1.158 billion to fund development projects, reported Khaleej Times.
The bank said that USD683 million will go for vital projects to generate and transmit power in Morocco, Tunisia, Iran, Uzbekistan and Tajikistan, which are IDB members.
Moreover, USD146.2 million will be allocated for educational projects in Indonesia, Yemen and Bangladesh.
On the other hand, USD274.8 million will be given to Africa's Cameroon, Chad, Uganda, Benin, Burkina Faso, Mali, Niger, Mauritania and Togo for food security and development activities in rural areas.
The bank also allocated USD7.6 million for Durres fishing in Albania in addition to USD400,000 technical aid grant to Djibouti's health sector.
The IDB also granted a USD1.1 million from the Wakf fund for participation in 4 educational projects for Muslim communities in Ethiopia, India, Papua New Guinea and Germany and one health project in the Philippines.
It is worth noting that the USD1.15 billion is the biggest amount approved by a single IDB board meeting since the foundation of the bank in 1975.