IDB approves $575 million package of financing at meeting in Ashgabat

Business Materials 2 June 2009 14:06 (UTC +04:00)

Turkmenistan, Ashgabat, June 2 / Trend G. Hasanov /

The Islamic Development Bank (IDB) executive directors' board approved financing of projects in the amount of $575 million at the summit of IDB managers opened in Ashgabat on June 2.

New financing will cover projects of development in several IDB members-countries. The bank allocated Bangladesh $25 million for food, 91 million to Iran for construction of dam, 137 million to Pakistan for hydroelectric station, 220 million to Turkey for purchase of electric locomotives, 31 million to Turkmenistan for purchase of oil-loading tankers, 52.7 million to Lebanon for drinkable water and 5.5 million to Suriname for modernization of sea port.    

Allocation of funds' grant for Muslim communities in non Muslim countries was also approved as contribution in development of education and public health in Bosnia and Herzegovina, Burundi, Thailand, Tanzania and Efiopia. Board also approved grant for construction of eight schools in south Somali.    

Board of directors approved capital of the Islamic corporation for the development of the private sector - one of IDB branches. This capital was increased from $1 billion to $2 billion. Fees were also increased from $500 million to $750 million. It will promote increasing requirements of corporation and strengthening of its role in development of private sector in IDB members- countries. 

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