The Board of Executive Directors of the Islamic Development Bank concluded its 206th session at the Bank's Headquarters in Jeddah on Monday, 27 Dhul Hijjah 1422H (11 March 2002) under the chairmanship of H.E. Dr. Ahmad Mohamed Ali, President, IDB. It approved new finances for more than US$ 436 million in favor of a number of member countries and Muslim communities in non-member countries.
According to the IDB President, the new provisions consisted of around US$ 79.2 million for financing 10 development projects in 9 member countries, US$ 1.7 million as grant for 3 technical assistance in 2 member countries and a regional institution, and US$ 2 million as grant for 7 educational projects in Muslim communities in 7 non-member countries.

The President also stated that the Board approved the Annual Audited Financial Statements of the IDB-Unit Investment Fund and interim cash dividend of 4.5% for the Financial Year ended December 31, 2001.

The Board took note of the approvals made by the IDB President for US$ 353.5 million towards Import Trade Finance Operations, export financing, and Technical assistance between the current and last sessions of the Board of Executive Directors. The details of the new finances are as follows:

Development Projects:

US$ 8.8 million as loan financing for the Comilla Rural Infrastructure Development Project in Bangladesh.
US$ 9.1 million as loan financing for South Tapanuli Integrated Area Development Project- Phase-II in Indonesia.
US$ 10 million as installment sale financing for Decentralized Health Services Project in Indonesia
US$ 5.3 million as loan financing for Reconstruction of the Secondary schools Project in Mozambique.
US$ 5.5 million as loan financing for Rural Water Supply Project in Grande Comore, Moheli and Anjouan in Comoros.
US$ 9 million as loan financing for Telimele Integrated Rural Development Project in Guinea.
US$ 9 million as loan financing for Anambe Basin Hydro-Agricultural Development Project Phase-III in Senegal
US$ 9 million as loan financing for Construction of Nouakchott - Nouadhibou Road Project in Mauritania.
US$ 6.2 as loan financing for the Maarig Education Complex Project, Khartoum - Loan - Sudan
US$ 7.3 million as loan financing for Rural Electrification Project for Provinces of Tetouan, Irfane & Safi - Loan - Morocco

Technical Assistance

US$ 1.3 million as TA Grant for Detailed Engineering Design of Tebriz Metro Project in Iran.
US$ 143,000 as TA Grant for Feasibility Study for a National Leasing Company in U.A.E
US$ 300,850 as TA Grant for Study on the Determination of Foot and Mouth Disease Virus Serotypes for the Arab Organization for Agricultural Development (regional project).

IDB Waqf Fund

US$ 220,000 for construction of Mahad Al-Irshad Al-Islami Girls School, Keren, Ansaba Province, Eritrea
US$ 350,000 for extension of SMD General Hospital, Marawi City, Philippines
US$ 250,000 for Construction, Upgrading and Equipping Laboratories for Islamic Secondary School for Science, Tamale, Ghana
US$ 400,000 for extension of Students Hostel for the University of Development Studies (UDS), Nyankpala, Ghana
US$ 217,000 for participation in the Construction of Nurul Islam School in Tumin City, Russian Federation
US$ 300,000 for participation in the Purchasing of Al-Huda Islamic School in College Park, Maryland, USA
US$ 295,000 for setting up Education Classrooms for the Islamic Centre of Lausanne, Switzerland.

APPROVALS BY THE IDB PRESIDENT

Import Trade Financing Operations (ITFO):

ITFO-Two Step Murabaha Financing for US$ 25 million in favor of WAFA BANK -Morocco to purchase Raw Material and Consumer Goods.
ITFO for US$ 25 million in for Bangladesh in favor of Bangladesh Chemical Industries Corporation (BCIC) to purchase Urea Fertilizer.
ITFO-Two Step Murabaha Financing for US$ 65 million in favor of Egyptian General Petroleum Corporation, Egypt to purchase Petroleum and Petroleum Products.
Co-financing-ITFO for US$ 25 million for the Government of the Egypt represented by the Ministry of Supply to purchase Wheat.
ITFO for US$ 25 million for Pakistan in favor of Ministry of Petroleum & Natural Resources to purchase Petroleum & Petroleum Products
Co-financing-ITFO for US$ 30 million for Bangladesh in favor of Bangladesh Chemical Industries Corporation (BCIC) to purchase Urea Fertilizer.
ITFO for US$ 25 million for Turkey in favor BOTAS PETROLEUM PIPELINE CORPORATION to purchase Liquefied Natural Gas (LNG).
ITFO for US$ 25 million for Bangladesh in favor of Bangladesh Petroleum Corporation (BCIC) to purchase Crude Oil & Refined Petroleum Products.
ITFO-Two Step Murabaha Financing for US$ 35 million in favour of Egyptian General Petroleum Corporation, Egypt to purchase Petroleum and Petroleum Products.
ITFO for US$ 25 million for Pakistan in favor of Ministry of Petroleum & Natural Resources to purchase Petroleum & Petroleum Products.

Export Financing Scheme (EFS):

An Export Financing Operation of Granular Triple Super Phosphate for US$ 3,780,000 from Tunisia to Iran.
An Export Financing Operation of Fuel Oil for US$ 15 million from United Arab Emirates to Pakistan.
An Export Financing Operation of Fuel Oil for US$ 15 million from United Arab Emirates to Pakistan.
An Export Financing Operation of Split Hooper Barges and Ponton Plats for US$ 4.3 million from UM DENIZ SANAYI A.S., Turkey to Groupe MEDITRAM SPA, Algeria.

BADEA:

BADEA Export Financing Operation for US$ 5 million in favor of Ministere des Mines, de l'Energie et de l'Hydraulique(MMEH), Republic of Senegal to puchase Petroleum Products.
Technical Assistance and Other

T.A. Grant for US$ 262,000 to the Government of Senegal for the feasibility study on the Livestock Development Project in Eastern Senegal and Upper Casamance Regions.
Grant for US$ 140,000 for Capacity Building of the Ministry of Planning, Hashemite Kingdom of Jordan
T.A. Grant for US$ 26,581 for Institutional Capacity Building of ADFIMIs office in Turkey.
US$ 5 Milliion as loan financing for Housing Project for Al Quds, Al Khalil and Gaza Cities in Palestine.
The Board also discussed a number of other policy matters, financial and administrative issues of concern to the Bank. It also considered several follow-up reports on the progress of work in development projects being financed by the Bank.