The Board of Executive Directors of the Islamic Development Bank concluded its 207th session at the Bank's Headquarters in Jeddah on Monday, 23 Safar 1423H (6 May 2002) under the chairmanship of H.E. Dr. Ahmad Mohamed Ali, President, IDB. It approved new finances for more than US$ 388 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$ 99 million for financing 10 development projects in 9 member countries, US$ 5 million towards share capital of the Liquidity Management Center in Bahrain and US$ 1.1 million as grant for 3 educational projects in Muslim communities in 2 non-member countries.

The Board took note of the approvals made by the IDB President for US$ 283 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$ 9 million as loan financing for the Improvement of Physical and Social Infrastructure Facilities affected by the Earthquake in Azerbaijan
US$ 9 million as installment sale financing for the Karachi University Third World Center for Chemical Sciences Project in Pakistan
US$ 12.5 million as extension of second line of financing to Bank Keshavarzi, Iran
US$ 6.2 million as loan financing for the Construction of 20 Health Centers in Biltine in Chad
US$ 27.5 million as lease financing for the Load Dispatching Center Project in Sudan
US$ 7.5 million as installment sale financing for the Development of Nile Navigation Route Project (Cairo-Aswan) in Egypt
US$ 21.3 million as loan and installment sale financing for the Construction of the Educational Hospital at Al Azhar University in Cairo, Egypt
US$ 5 million as loan financing for the Tannery Waste Collection and Treatment Project in Damascus, Syria
Technical Assistance

US$ 375,000 as technical assistance financing for Capacity Building of the Pasteur Institute in Algeria
US$ 305,000 as technical assistance financing for Feasibility Study for the Rural Electrification Project in Togo
Financing from the Assets Management

UIF's Participation by US$ 5 million in the Share Capital of the Liquidity Management Center (LMC), Bahrain
IDB Waqf Fund

US$ 615,000 as grant for the Construction of eight schools damaged by floods in the Peoples Republic of China
US$ 190,000 as grant for the Construction of a primary school and VTC for girls, Anjar, Gujarat State, India (under IDB Relief Grant for the 2001 Earthquake victims in Gujarat, India)
US$ 300,000 as grant for the Construction of three model schools destroyed by earthquake in different places in Gujarat State, India (under IDB Relief Grant for the 2001 Earthquake victims in Gujararat, India)
APPROVALS BY THE IDB PRESIDENT

Import and Export Trade Financing Operations

1. ITFO for the People's Republic of Bangladesh in favor of Bangladesh Petroleum Corporation for an amount of US$ 25 million to purchase Crude Oil & Refined Petroleum Products.

2. ITFO for the Republic of Egypt in favor of the Ministry of Supply for an amount of US$ 25 million to purchase Basic Commodities.

3. ITFO for the Democratic and Popular Republic of Algeria in favor of O.A.I.C for an amount of US$ 24.00 million to purchase Wheat.

4. ITFO for the Republic of Egypt in favor of the Ministry of Supply for an amount of US$ 25 million to purchase Basic Commodities.

5. ITFO for the Islamic Republic of Pakistan in favor of Ministry of Petroleum &
Natural Resources for US$ 25 million to purchase Petroleum & Petroleum Products.Period of financing.

6. ITFO for the People's Republic of Bangladesh in favor of Bangladesh Petroleum
Corporation for an amount of US$ 25 million to purchase Crude Oil & Refined Petroleum Products.

7. ITFO for the Islamic Republic of Iran in favor of KESHT VA SANAT SHOMAL COMPANY for US$ 10 million to purchase Crude Palm Oil

8. ITFO for the Islamic Republic of Pakistan in favor of Ministry of Petroleum & Natural Resources for US$ 25 million to purchase Petroleum & Petroleum Products.

9. ITFO for the Islamic Republic of Pakistan in favor of Ministry of Petroleum & Natural Resources for US$ 25 million to purchase Petroleum & Petroleum Products.

10. A line of Export Financing Scheme in favor of Commercial Bank of Kuwait for
US$ 20 million

11. An Export Financing Operation of Fuel Oil from United Arab Emirates to the Islamic Republic of Pakistan for US$ 15.00 million.

12. An Export Financing Operation of Prilled Urea & NPK from Saudi Arabia to The Islamic Republic of Iran for US$ 15.00 million.

13. An Export Financing Operation of Fuel Oil from United Emirates to the Islamic Republic of Pakistan for US$ 15.00 million.

14. An Export Financing Operation of Granular Triple Super Phosphate from the Republic of Tunisia to the Islamic Republic of Iran for US$ 3,764,250.

Technical Assistance and Other Projects

15. Technical Assistance Grant of US$ 180,000 for the Preparation of Primary School Design which would be used as a standard design for IDB financed projects in Sahel countries.

16. Technical Assistance Grant of US$ 163,800 for study and development of Zakat Management System to enhance the role of Bahrain Zakat Fund, Bahrain

17. Emergency Assistance Grant of US$ 640,000 to the besieged Palestinians through supply of essential food items, tents, water tanks, fire extinguishers and first aid kits - Palestine

18. Exercise of Pre-emptive Rights by IDB in the Equity Capital Increase of Kuwait- Turkish Evkaf Finance House (KTEFH), Turkey. The IDB participation will be in an amount of US$ 3,941,194.
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.