The Board of Executive Directors of The Islamic Development Bank (IDB), which concluded its 242nd session at the Bank's Headquarters in Jeddah, Saudi Arabia, approved US$ 446.3 million towards a project for financing and trade operations, Trend reports.
Approvals by the board included participation in financing new development projects in Azerbaijan, Nigeria, Senegal, Cote d'Ivoire and Sudan. In addition the bank opened a line of finance for three Banks in Uzbekistan and Technical Assistance for development projects in Indonesia, Lebanon, Niger and Morocco.
Dr. Ahmad Mohamed Ali, President of IDB, who chaired the Session, stated that the board had considered during the session many issues including prospects of establishing regional infrastructure funds, for supporting infrastructure projects in member countries, with a prime role for IDB in rallying financiers for those funds.
The IDB announced that US $80mln will be approved for Azerbaijan under the project on leasing finance for Mingerchaur Hydropower (Phase 2). Some $93.6mln will be allotted to 5 countries for the development of projects