212th Session of the IDB Board of Executive Directors approves new finances for more than US$ 430 million
The Board of Executive Directors of the Islamic Development Bank concluded its 212th session at the Banks Headquarters in Jeddah on Monday, 19 Shawwal 1423H (23 December 2002) under the chairmanship of H.E. Dr. Ahmad Mohamed Ali, President, IDB. It approved new finances for more than US$ 430 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 more than US$ 148 million for financing development projects in 10 member countries and US$ 1.3 million as grants for financing 5 educational institutions in 5 Muslim communities in non-member countries from the Waqf Fund.
The Board of Executive Directors also approved the country operations plan from the Ordinary Capital Resources for US$ 1015 million for the Year 1424H, operations plan for Import Trade Financing Operations for 1424H (US$ 2000 million), operations plan for trust funds under the Assets Management Department for 1424H (UIF US$ 210 million, IBP US$ 378 million, and APIF US$ 53 million), and operations plan for the Export Financing Scheme for 1424H (US$ 270 million).
The Board took note of the approvals made by the IDB President for about US$ 281 million towards Import Trade Financing Operations and Export Financing 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 million as loan financing for the Reconstruction of Vore-Rinas-Fushe Kruje Road Project in Albania.
US$ 30 million as lease financing for Pakistan for the procurement of dredger for Port Qasim.
US$ 9.3 million as loan financing for Bangladesh for the construction of primary schools.
US$ 9 million as loan financing for Senegal for the Potable Water Supply in Gorom Lampsar Area
US$ 9 million as loan financing for Sudan for health centers project and malaria and tuberculosis control program.
US$ 43 million as lease financing for Libya for the expansion of the Misurata Steel Complex.
US$ 6 million as loan financing for The Gambia for the construction of Serrekunda-Madinah Bah road.
US$ 30 million as line of financing for three Banks in Tunisia.
Technical Assistance
US$ 855,000 as TA grant for feasibility study for the development of 2000 ha in Dangomana in Burkina Faso.
US$ 1.54 million as TA loan for the Micro and SME/SMI integrated program in Algeria.
US$ 288,200 as TA grant for Sudan for the Sudanese experience in Islamic Banking.
Special Assistance from Waqf Fund
US$ 285,000 as grant for the extension of Ghazi Khusro Beck School in Sarajevo, Bosnia and Herzegovina.
US$ 180,000 as grant for construction of a hostel for girls vocational center in Verulum, Kwazulunatal, South Africa.
US$ 300,000 as grant for construction of Iqraa Islamic High School in Surrey, British Columbia, Canada.
US$ 260,000 as grant for construction of an Islamic Primary School and Vocational Training Centre in Zagreb, Croatia.
US$ 300,000 for construction of Maone Park Vocational Training Center in Malawi.
APPROVALS BY THE IDB PRESIDENT
Import Trade Financing Operations (ITFO)
ITFO for the Democratic and Popular Republic of Algeria in favor of O.A.I.C for US$ 25 million to purchase Wheat from member countries.
Line of Import Trade Financing Operation in favor of Bank of Kuwait and the Middle East, Kuwait for US$ 15 million.
TF & PD participation by US$ 4 million in Import Trade Co-Financing Operation in favor of Electricity of Lebanon for an amount of US$ 25 million to purchase Fuel Oil.
ITFO for Arab Republic of Egypt in favor of Ministry of Supply for US$ 25 million to purchase Wheat.
ITFO for the Islamic Republic of Iran in favor of Ministry of Road and Transportation US$ 15 million to purchase Spare parts for locomotives, Wagons and Track Machinery.
ITFO for the Republic of Tunisia in favor of Societe Tunisienne des Industries de Pneumatique for an amount of US$ 5.00 million to purchase Natural Rubber from member countries.
ITFO for the Peoples Republic of Bangladesh in favor of the Ministry of Power, Energy and Mineral Resources, Government of Bangladesh for an amount of US$ 25.00 million to purchase Crude Oil & Refined Petroleum Products from member countries.
ITFO for the Islamic Republic of Iran in favor of Alborz Tire Manufacturing Company for US$ 7 million to purchase Natural Rubber, Tire Cord and Carbon Black from member countries.
ITFO for the Islamic Republic of Iran in favor of Alborz Tire Manufacturing Company for US$ 7 million to purchase Chemicals, Spare Parts and Machinery.
ITFO for Arab Republic of Egypt in favor of Ministry of Supply for US$ 25.00 million to purchase Wheat.
ITFO for the Islamic Republic of Iran in favor of Yazd Rubber Industries Complex for US$ 5 million to purchase Raw material for tire manufacturing from member countries.
ITFO for the Islamic Republic of Iran in favor of Behshahr Industrial Development Company for US$ 10 million to purchase Palm Oil, Palm Olein and Palm Kernel Oil from member countries.
ITFO for the Islamic Republic of Iran in favor of Behshahr Industrial Development Company US$ 15 million to purchase Crude Vegetable Oil and Raw Sugar.
ITFO for the Islamic Republic of Iran in favor of Paksan Company for US$ 5 million to purchase Palm Oil, Coconut Oil and Palm Kernel Oil from member countries.
Two Step Morabaha Financing (2SMF)-ITFO for the Republic of Turkey in favor of Ak Bank T.A.S for US$ 25 million to purchase Crude Oil & Petroleum Products for TUPRAS from member countries.
Export Financing Scheme (EFS)
16. A line of Export Financing Scheme in favor of Arab African International Bank, Egypt, for US$ 4 million.
17. An Export Financing Operation of School Manuals (Text Books) from the Republic of Tunisia to the Republic of Senegal for US$ 2.8 million.
18. An Export Financing Operation of Ductile iron pipes, Fittings and accessories from Saudi Arabia to Turkey for US$ 8.84 million.
19. An Export Financing Operation of Reinforcement Iron from Libya to the Republic of Tunisia for US$ 6.9 million.
20. An Export Financing Operation of Telephone Cables from Lebanon to Algeria for US$ 13 million.
21. An Export Financing Operation of Aluminium Wire Rods from United Arab Emirates to Algeria for US$ 4 million.
22. An Export Financing Operation of Telephone Cables from Lebanon to Algeria for US$ 4.2 million..
BADEA Export Financing Operation in favor of PTA Bank to purchase Fertilizers for US$ 2.5 million.
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.