Jeddah, 29 Nov 2004
The Board of Executive Directors of the Islamic Development Bank which concluded its 227th session at the Bank's Headquarters in Jeddah, Saudi Arabia, approved the implementation of around US$ 1.3 billion towards project financing and trade operations. H.E. Dr. Ahmad Mohamed Ali, President, IDB, who chaired the Session, stated that the above mentioned amount was approved in favor of a number of member countries and Muslim communities in non-member countries towards project financing, trade operations and special assistance. The total amount includes around US$ 122 million towards project financing, US$ 2 million for special assistance to Muslim communities in non-member countries, and US$ 751 million for trade operations, and around US$ 378 million towards trade operations from the Asset Management Department (comprising the Unit Investment Fund, Islamic Banks Portfolio and Awqaf Properties Investment Fund) etc, in terms of approvals made by the President between the previous and present sessions of the Board. During the session the Board approved the 5-Year Strategic Plan of the IDB Group and reviewed policy reports and documents including issues raised by Governors at the 29th annual Meeting of IDB held in Iran. The details of the new finances are as follows:

DEVELOPMENT PROJECTS

US$ 13.8 million as loan financing for the Shagon-Zigar Road Project (Phase-II), Tajikistan.

US$ 20.8 million as installment sale financing for the Metrology, Standardization, Testing and Quality Assurance Project, Indonesia.

US$ 10.2 million as loan financing for the Sylhet Feeder Road Upgrading Project (Phase-V), Bangladesh.

US$ 6.5 million as installment sale financing for the Public Works Equipment for CSE, Senegal.

US$ 13 million as loan financing for the New Nouakchott University Campus Project, Mauritania.

US$ 37.3 million as istisnaa financing for the Ashkharah – Shanna Road Project, Oman.

US$ 19.2 million as istisnaa financing for the Ben-Ghayadha Sebkha Development Project , Tunisia.

US$ 23,680 as technical assistance financing for the Study of Integrated Management System for Public Expenditure (IMSPE) – Morocco

US$ 150,000 as technical assistance financing for the pilot study on simulation of desertification control in Dafor, Oman.

ITEMS FROM THE IDB WAQF FUND:

US$ 150,000 as grant for the Construction and equipping of Jamia Vocational Training Center for Women, Jampur, Uttar Pardesh State, India.

US$ 245,000 as grant for the Construction of Pan-Asia International School in Bangkok City,Thailand.

US$ 195,000 as grant for the Expansion of Jowher Al-Islam Secondary School, Mandera, North Eastern Province, Kenya.

US$ 275,000 as grant for the Construction and equipping of a VTC for Women in Simferopol, Cimea, Republic of Ukraine.

US$ 235,000 as grant for the Construction of new building for Islamyya School of Health Technology, Kaduna, Nigeria.

US$ 235,000 as grant for the Construction of a new school building for Massawa Islamic Institute, Massawa, Eritrea.

US$ 285,000 as grant for the Construction of Edmonton Islamic Academy, Edmonton, Alberta, Canada.

US$ 220,000 as grant for the Construction of Islamia Technical School, Cape Town, South Africa.

US$ 210,000 as grant for the Construction of High School in Orenburg, Orenburg Province, Russian Federation.

Trade Operations from the Assets Management Department:

The Board took note of trade operations for US$ 378.2 million approved earlier through Unit Investment Fund, Islamic Banks Portfolio and the Awqaf Properties Investment Fund for various trade operations.

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 Bangladesh for US$ 185million:
Two ITFO operations in favor of the Ministry of Power, Energy and Mineral Resources, Government of Bangladesh for US$ 160 million and US$ 25 million respectively to purchase Crude Oil & Petroleum Products.

ITFO for Egypt for US$ 75 million:
Three ITFO operations each for US$ 25 million in favor of the Ministry of Supply in the Arab Republic of Egypt to purchase wheat.

ITFO for Iran for Euro 49 million (US$ 64 million):

ITFO for the Islamic Republic of Iran in favor of ARJ COMPANY for Euro 5 million to purchase Raw Materials and Spare Parts.
ITFO for the Islamic Republic of Iran in favor of ZAM ZAM IRAN COMPANY for Euro 4 million to purchase Raw Materials.
ITFO for the Islamic Republic of Iran in favor of ALUMINUM PARS COMPANY for Euro 10 million to purchase Raw Materials.
ITFO for the Islamic Republic of Iran in favor of IRAN TIRES COMPANY for Euro 20 million to purchase Raw Materials for Tires.
ITFO for the Islamic Republic of Iran in favor of KHORASAN STEEL COMPANY for Euro 10 million to purchase Raw Materials for Steel Production.

ITFO for Pakistan for US$ 200 million:
Four ITFO operations for US$ 25 million each and one for US$ 100 million in favor of the MINISTRY OF PETROLEUM & NATURAL RESOURCES of Pakistan to purchase Crude Oil & Refined Petroleum Products.

ITFO for Turkey for US$ 35 million:
ITFO for the Republic of Turkey in favor of HABAS SINAI VE TIBBI GAZLAR ISTIHSAL ENDUSTRISI A.S. for US$ 25 million to purchase Steel & Steel Scrap.

ITFO for the Republic of Turkey in favor of SANKO TEKSTIL ISLETMELERI SANAYI VE TICARET A.S. for US$ 10 million to purchase Cotton.

ITFO for Tunisia for US$ 60 million:
Two ITFO operations for US$ 25 million each to purchase natural gas for the Republic of Tunisia in favor of the SOCIETE TUNISIENNE DE L'ELECTRICITE ET DU GAZ – STEG (MINISTRY OF INDUSTRY & ENERGY).

ITFO for the Republic of Tunisia in favor of the SOCIETE NATIONALE DE CELLULOSE ET DE PAPIER ALFA (SNCPA) for US$ 10 million to purchase Raw Materials & Spare Parts

.
ITFO for United Arab Emirates for US$ 20 million:
ITFO for the United Arab Emirates in favor of the FAL OIL COMPANY for US$ 20 million to purchase Petroleum & Petroleum Products.

ITFO for Yemen for US$ 2 million:
Line of Import Trade Financing Operation in favor of Tadhamon International Islamic Bank, Yemen for US$ 2 million.

Export Financing Scheme (EFS):

EFS for Kuwait for US$ 60 million:
Four Export Financing Operations of Refined Petroleum Products for US$ 15 million each from Kuwait to Bangladesh.

EFS for Malaysia for US$ 30 million:
Two Export Financing Operations of Raw Vegetable Oil for US$ 15 million each from Malaysia to Saudi Arabia for US$ 15 million.

EFS for Saudi Arabia for US$ 15 million:
Export Financing Operation of Refined Petroleum Products from Saudi Arabia to Mauritius for US$ 15 million.

BADEA:
BADEA for Tanzania for US$ 4.8 million:
BADEA Export Financing Operation for the export of Fertilizer from Arab Countries to Tanzania for US$ 4.8 million.

Technical Assistance:

Technical Assistance (Grant) for capacity building of the Society for Health Education (SHE), Maldives for an amount of US$ 250,000.
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.