Jeddah 21/5/1424H (21/7/2003):

The Board of Executive Directors of the Islamic Development Bank concluded its 216th session at the Bank's Headquarters in Jeddah on Monday, 21 Jumad Awwal 1423H (21 July 2003) under the chairmanship of H.E. Dr. Ahmad Mohamed Ali, President, IDB. It approved new finances for more than US$ 384 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$ 276 million for financing development projects in 12 member countries, and US$ 560,000 as grants from the Waqf Fund for financing 3 educational projects in Muslim communities in non member communities. It also approved US$ 9.7 million towards export financing operation of petroleum products from Arab countries under the BADEA program.

The Board took note of the approvals made by the IDB President for about US$ 98 million towards Import Trade Financing Operations and Export Financing operations 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 installment sale for Modernization of Postal Services Project in Kazakhstan.
US$ 33 million as istisnaa for Idaghmoosh Dam & Irrigation Network Project in Iran.
US$ 9.2 million as loan for Mandailing Natal Integrated Area Development Project in Indonesia.
US$ 9 million loan for Beira Fishing Port Reconstruction Project in Mozambique.
US$ 19 million as loan for Construction of Saraya-Kita Road Project in Senegal and Mali.
US$ 9.6 million as loan for Social Action Support Program (SASP) in Sierra Leone.
US$ 38.3 million as leasing for Constantine Zone Load Dispatching Center Project in Algeria.
US$ 23.3 million as istisnaa and loan for Construction and Equipping of Schools Project in Jordan.
US$ 32.4 million as istisnaa for Southern Coastal Highway Project in Lebanon.
US$ 37.3 million as istisnaa and loan for Emergency Flood Relief Program in Morocco.
US$ 30 million as installment sale for The Health Project in Tunisia.
US$ 26.2 million as loan and leasing for Hajjah Rural Electrification Project in Yemen

TRADE FINANCING
US$ 9.7 million as BADEA Export Financing Operation for the export of petroleum products from the Arab countries to the Republic of Mauritius.

THE IDB WAKF FUND

US$ 250,000 for Construction of Al-Mizan School, East London, United Kingdom.
US$ 160,000 for Construction of Boys High School and Hostel Buildings, Assam, India.
US$ 150,000 for Purchase of School Building for Al-Azhar Institute, Cape Town, South Africa.

APPROVALS BY THE PRESIDENT
ITFO for Iran for Euro 35 million

Euro 15 million ITFO for Iran in favor of Nirou Moharrekeh Industrial Company to purchase Raw Materials, Parts and Components for Production of Motorcycles and Gearbox for Peugeot cars.

Euro 20 million ITFO for Iran in favor of Iranian National Steel Industrial Group to purchase Raw Materials for Steel Production.

ITFO for Turkey for Euro 25 million
Euro 5 million ITFO for Turkey in favor of Karsu Tekstil Sanayi Ve Ticaret A.S. to purchase Raw Materials for Textile Industry.

US$ 10 million ITFO for Turkey in favor of Gap Guneydogu Tekstil Sanayi Ve Ticaret A.S. to purchase Raw Materials for Textile Industry.

Euro 10 million ITFO for Turkey in favor of Gunkol Gunes Enerjisi Ve Klima Sanayi to purchase Raw Materials for Production of Cooking Appliances.

ITFO for Algeria for Euro 23 million

US$ 2.8 million for an Export Financing Operation of Glass Bottles & Aluminium Cans from Saudi Arabia to Algeria.

Euro 20 million ITFO for Algeria in favor of Algerie Telecom Spa to purchase Telecommunications Equipment.

ITFO for Bangladesh for US $ 15 million
US$ 15 million for Export Financing Operation of Refined Petroleum Products from Kuwait to Bangladesh.
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.