IDB board of directors approves first financing worth $249,4 mln in 2011

Business Materials 12 January 2011 14:20 (UTC +04:00)

Azerbaijan, Baku, Jan. 12 / Trend N. Ismayilova /

At the meeting held on January 9, chaired by IDB president Ahmad Mohamed Ali, the Board of the IDB Executive Directors, approved the funds to the amount of $249.4 million to finance the projects aimed at development in member-countries, the IDB said.

The Board of the IDB Executive Directors approved the allocation of $64.5 million to finance two education projects in Indonesia, including $29.5 million - to reconstruct and modernize the State University of Padang and about $ 35 million - to develop and improve the quality of the State Institute for Islamic Studies (IAIN ). The allocation of $ 60 million for lease financing of the construction project of Al-Suez steam power plant in Egypt, $84.3 million - for wastewater management in rural areas in the north-west and south-east of Iran, $17.9 million - to support project on creating a system of small irrigation in Senegal, $ 20 million - to build two hospitals in Dubai and Egypt were also approved.

The headquarters of the IDB (Islamic Development Bank), the international financial organization founded in 1973 by the member states of the Organization of Islamic Conference, is located in Jeddah (Saudi Arabia).

About 60 states are the current members of the bank.

The credit portfolio of the Islamic Development Bank in Azerbaijan is $ 850 million for 40 projects.