214th Session of the IDB Board of Executive Directors approves new financing for more than US$ 661 million
Jeddah / 21 April 2002
The Board of Executive Directors of the Islamic Development Bank concluded its 214th session at the Banks Headquarters in Jeddah on Monday, 19 Safar 1423H (21 April 2002) under the chairmanship of H.E. Dr. Ahmad Mohamed Ali, President, IDB. It approved new finances for more than US$ 661 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$ 195 million for financing development projects in 8 member countries, 2 technical assistance for two member countries for US$ 790,000, US$ 100 million for trade financing and US$ 4.6 million as grants from the Waqf Fund for financing 8 educational projects in Muslim communities in mainly non member communities. The special assistance also include a grant of US$ 2 million for participation in the humanitarian relief assistance for the affected people of Iraq.
The Board took note of the approvals made by the IDB President for about US$ 361 million towards Import Trade Financing 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:
PROJECTS
US$ 31 million as installment sale and istisnaa financing for the development of Islamic University of Iain Sunan Kalijaga in Indonesia.
US$ 6.5 million as installment sale and istisnaa financing for the Radio-therapeutic Center of the Academic Hospital of Paramaribo (AHP) in Suriname.
US$ 46.6 million as lease financing for the Kerman Combined Cycle Power Generation Project Phase-II in Iran
US$ 6.8 million as ordinary loan and LDMC loan financing for the Primary Education Development Project-III -in Guinea.
US$ 4 million as loan financing for the Hydro-agricultural Development Project, Kehehe Tabalak in Niger.
US$ 22.7 million as loan and istisnaa financing for the Sewerage Project for Nine Centers in Morocco.
US$ 37.5 million as istisnaa financing for the Southwestern Beirut Infrastructure Project in Lebanon.
US$ 15.7 million as loan and lease financing for the Acquisition of Diesel Engine Generators Project in Guinea.
US$ 24 million as lease financing for the Soybean Edible Oil project in Qatar
TECHNICAL ASSISTANCE
US$ 380,248 as TA grant for capacity Building for Enhancing Quality Welding Training & Research Center at Iran University of Science & Technology (IUST) Iran.
US$ 411,000 as TA grant for the Feasibility Study for the Irrigation Development of West Delta Nile Project in Egypt.
ITEMS FROM THE IDB WAKF FUND
US $ 1.1 million as grant for the construction of Academic Buildings for the Islamic University of Niger Girls Section, Niger.
US$ 250,000 as grant for the Construction of Hunan Educational Training Center, Hunan Province, P. R. China.
US$ 207,000 as grant for the Construction of a School and a Medical Center in Bujumbura, Republic of Burundi.
US$ 250,000 as grant for the Additional Grant for Renovation & Equipping of Vocational Training Centers, Dormitories and Islamic Institute in Bulgaria.
US$ 250,000 as grant for the Construction of a Highway High School, Kisumu, Nyanza Province, Kenya.
US$ 395,000 as grant for the Construction of Science Blocks and Coaching Program at two Islamic High Schools for Boys and Girls in Dar Es-Salaam, Tanzania.
US$ 100,000 as grant for the Participation in the PhaseI of Unmasking Allegations Raised against some verses of the Holy Quran Project.
US$ 2 million as grant for Participation in the Humanitarian Relief Assistance to the affected people of Iraq.
TRADE FINANCING.
US $ 100 million as Import Trade Financing Operation for Malaysia in favour of Petronas Trading Corporation SDN. BHD. (PETCO) for US$ 100 Million to Purchase Crude Oil.
APPROVALS BY THE IDB PRESIDENT
US$ 70 million for Pakistan towards import trade financing (ITFO) in favor of Ministry of Power, Energy and Mineral Resources, to purchase Crude oil, and a line of Export financing scheme facility for the National Bank of Pakistan.
US$ 65 million for Bangladesh towards import trade financing (ITFO) in favor of Ministry of Power, Energy and Mineral Resources, to purchase Crude & Refined Petroleum Products, etc.
US$ 65 million for Morocco towards two-step murabaha financing to purchase petroleum productgs in favour of Societe Anonyme Marocaine DelIndustrie du Rafinage and two technical assistance grants worth around US$ 500,000.
US$ 56 million for Indonesia for syndicated ITFO and export financing operation.
US$ 25 million for import trade financing in favour of the government of Lebanon for purchase of petroleum products.
US$ 15 million for Turkey in favour of Habas Sinai ve Tibbi Gazlar Sstihsal Industri for purchase of raw materials.
US$ 50 million for Tunisia in favour of the Ministry of Agriculture for the purchase of grains.
US$ 12 million for Palestine as loan financing for rehabilitation and reconstruction works.
Revolving of the ITFO line facility of US$ 2 millionfor Niger in favor of Banque Islamique du Niger pour le Commerce et lInvestissement (BINCI).
US$ 237,000 as TA grant for Capacity Building of The Tax Authority, Yemen.
US$ 265,200 as TA grant for Agricultural Development of Rkiz Eastern Basin, Mauritania.
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.