Jeddah 23/1/2006

The Board of Executive Directors of the Islamic Development Bank, concluded its 235th session at the Bank's Headquarters in Jeddah, Saudi Arabia, on Monday 23/1/2006 after two days of deliberations, under the chairmanship of H.E. Dr. Ahmed Mohammed Ali, President, IDB.

H.E. Dr. Ahmad Mohamed Ali, stated that the Board has approved, during the session to submit to the Board of Governors at its meeting in Kuwait on 3-4 /5/1427H ( 30-31/ 5/2006) the proposal of the Third Extraordinary Islamic Summit in Makkah, for increasing the Capital Stock of IDB and establishing a special fund in IDB to deal with poverty elevation, unemployment, illiteracy and diseases among Member Countries. It also approved to submit to the Board of Governors the Articles of Agreement of the International Islamic Trade Finance Cooperation (ITFC), and the allocation of US$5 million for Technical Assistance Grant Operations for the year 1427H.(Feb.2006 _ Jan 2007 ).

The Board has approved more than US$1.7 billion for Operations Plan for financing development projects for the Fiscal year 1427H.( Feb.2006 _ Jan 2007 ).

H.E. President, IDB Explained that the total of approved finances during the Session approached US$ 213.9 million including a number of new development projects in Sudan, Togo, Burkina Faso, Mozambique, Bangladesh, Indonesia, Iran and Albania. It also included Grants from Waqf Fund in favor of four Islamic Communities for Educational Projects in Canada, Tanzania, India, and Bosnia Herzegovina. Moreover, the Board has approved two Import Trade Financing Operations (ITFO) for companies based in Saudi Arabia and Imarets, in addition to a Technical assistance for Capacity Building in Niger in the framework of the projects approved by IDB President.

DEVELOPMENT PROJECTS

US$ 12 million loan financing for the Basic Educational Development Project in Darfur State, Sudan.

US$ 12 million loan financing for Rehabilitation and Upgrading of Aflao- Hillacondji Road which would help development and economic integration by linking Togo, Benin and Niger, Togo.

US$ 10.2 million loan financing for Soum Hydro- agricultural Project, Phase 2, Burkina Faso.

US$ 9.7 million loan financing for the North of Cabo Delgado Province Rural Electrification Project, Mozambique .

US$ 10.4 million loan financing for Integrated Village Infrastructure Development Project, Bangladesh.

US$ 33 million Istisna'a financing for Integrated Diponegoro University Development Project, Indonesia.

US$ 36.4 installment sale financing for the Research Facilities Expansion Project, University of Tehran, Iran.

US$ 8.8 million loan financing for the Construction of Durres Fishing Port Project, Albania.
GRANTS AND SPECIAL ASSISTANCE PROJECTS FROM WAQF FUND

US$ 270,000 for participation in the construction of Scarborough Islamic School, Scarborough, Ontario, Canada.

US$ 268,000 for participation in the Construction of Shinyanga Muslim Secondary School, Tanzania.

US$ 100,000 for participation in Construction and Equipping of an Industrial Training Institute at Jodhpur City, Rajasthan State, India.

US$ 235,000 for participation in Construction and Rehabilitation of Primary Schools and Health Centers in Srebrenica and Surrounding Areas for the Bosnia Refugees Returning to their Homes, Bosnia and Herzegovina.
APPROVALS BY THE PRESIDENT
The following are approvals of trade operations and Technical Assistance made by the President of the Bank between the previous and present sessions of the Board:

Import Trade Financing Operations (ITFO):

ITFO for the United Sugar company – Savola Group- based in Saudi Arabia totalling US$ 50 million to purchase Raw Sugar.
ITFO for Fal Oil Co. Ltd. based in United Arab Imarets totalling US$ 30 million to Purchase Petroleum Products.
Techinical Assistance
US$ 220,000 Technical Assistance in a form of grant for Capacity Building, Ministry of Economic Finance, Niger.