215th Session of the IDB Board of Executive Directors Approves New Financing for more than US$ 538 million
Jeddah / 16 Jun 2003:
The Board of Executive Directors of the Islamic Development Bank concluded its 215th session at the Banks Headquarters in Jeddah on Monday, 16 Rabi Thani 1424H (16 June 2003) under the chairmanship of H.E. Dr. Ahmad Mohamed Ali, President, IDB. It approved new finances for more than US$ 538 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$ 123 million for financing development projects in 7 member countries, and US$ 805,000 as grants from the Waqf Fund for financing 5 educational projects in Muslim communities in non member communities.
The Board took note of the approvals made by the IDB President for about US$ 414 million towards Import Trade Financing Operations, Export Financing, BADEA and Technical Assistance operations between the current and last sessions of the Board of Executive Directors. The details of the new finances are as follows:
PROJECTS:
US$ 26.6 million as Istisna'a + Installment Sale financing for Indonesia for Development and Upgrading of Stain Malang State College Project
US$ 5.4 million as Loan for Chad for Mamdi Polder Irrigation Project (Additional Financing)
US$ 9.3 as Loan and LDMC Loan for Mali Second Education Project
US$ 47.6 million as Istisna'a for Algeria for Constantine and Mila Water Supply Project
US$ 9.8 million as Loan for Yemen for Faculty of Engineering of Aden University Project
US$ 23.8 million as Loan + Istisnaa for Cote d Ivoire for Singrobo-Yamoussoukro Highway Project, Phase I.
TECHNICAL ASSISTANCE:
US$ 1.2 million as Technical Assistance to prepare the study to restructure the General Secretariat of the Organization of the Islamic Conference (OIC) and implementation of the quick win initiatives
ITEMS FROM THE IDB WAQF FUND:
US$ 176,000 for Participation in the construction of the Islamic Secondary School in Chana city, Songkla province, Thailand
US$ 150,000 for Additional Grant for renovation and equipping of Iqra University, Almaty, Kazakhstan
US$ 250,000 for Participation in the setting up of Pediatrics Ward at Muslim Specialist Hospital, Zaria, Nigeria
US$ 100,000 for Participation in the equipping and furnishing of Imam Al-Bukhary Institute (Madrassa Dar Al Hadith), Samarkand, Uzbekistan
US$ 129,000 for Participation in the construction of Bhutaha General and Maternity Clinic, Nepal
APPROVALS BY THE IDB PRESIDENT
US$ 75 million towards ITFO in favor of the Ministry of Supply in the Arab Republic of Egypt for purchase wheat.
US$ 6 million towards a line of Import Trade Financing Operations in favor of Bank Ekspor, Indonesia
US$ 49 million towards a line of Import Trade Financing Operations in favor of Banque Nationale dAlgerie, Algerie (US$ 10 milliion), and ALGERIE TELECOM SPA (US$ 39 million).
US$ 210 million towards ITFO/Syndicated Murabaha Financing for the Peoples Republic of Bangladesh in favor of Ministry of Power, Energy and Mineral Resources, to purchase Crude Oil & Refined Petroleum Products.
US$ 3.45 million towards Two Step Murabaha Financing for the Republic of Tunisia in favor of BEIT ETTAMWIL SAOUDI TOUNSI (BEST BANK) to purchase Crude Oil.
US$ 14 million towards ITFO in favor of IRAN BEHNOUSH COMPANY, Islamic Republic of Iran for purchase of Raw Materials, Parts and Components for Production of Soft Drinks.
US$ 25 million towards ITFO in favor of the Ministry of Petroleum & Natural Resources, Islamic Republic of Pakistan for purchase of Petroleum & Petroleum Products.
US$ 15 million towards ITFO in favor of GISAD DIS TICARET A.S (5 million) and CMS JANT VE MAKINA SANAYI A.S (10 million), Republic of Turkey for purchase of Raw Materials for Textile Manufactuing. <br>
US$ 11 million towards EFS Operation of Ductile Iron Pipes, Fittings and Accessories from Saudi Arabia to Turkey
US$ 5 million towards BADEA Export Financing Operation in favor of the Government of Zimbabwe to purchase Petroleum Products
US$ 260,000 towards Technical Assistance for setting up of Bilingual Education Team for a regional project in Sub-Saharan Countries (Chad & Niger)
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.