Jeddah - 9 May 2005

The Board of Executive Directors of the Islamic Development Bank which concluded its 230th session at the Bank's Headquarters in Jeddah, Saudi Arabia, approved more than US$ 161 million 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 more than US$ 58 million towards project financing and assistance to communities in non-member countries for educational projects, more than US$ 92 million approved by the IDB President for trade operations (from Import Trade Financing Operations) and US$ 117.6 million towards project financing and trade from the Asset Management Department operations.

During the session the Board also reviewed and approved several policy matters and new initiatives of the Bank. The details of the new finances are as follows:

DEVELOPMENT PROJECTS

US$ 10 million for Line of financing to 3 financial institutions in Kazakhstan.

US$ 10.5 million for Bokoro-Araboutchattak Road Project – Loan financing for Chad.

US$ 12.7 million for Hydro Agricultural Development Project in the Northern Region – Loan financing Burkina Faso.

US$ 4 million for Supplementary financing for the construction of Gao Bridge Project – Loan financing for Mali

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US$ 20.1 million for Water supply project for Berrechid and Taza rural communities – Istisna’a financing for Morocco.

ITEMS FROM THE IDB WAQF FUND

US$ 150,000 as grant for Construction and equipping of a Boys Secondary School and Hostel in Shrikund Village, State Jharkhand, India.

US$ 294,000 as grant for Extension of Behram-Begova Secondary School Medresa for Girls in Tuzla, Bosnia and Herzegovina.

US$ 295,000 as grant for Construction of a School Building for Madrasah Al Irsayed Al Islamiah, Singapore.

APPROVALS BY THE PRESIDENT

The following are approvals of trade operations and project financing made by the President of the Bank from Trade Operations and Asset Management Operations, between the previous and present sessions of the Board.

Import Trade Financing Operations (ITFO):

ITFO for Bahrain for US$ 7.5 million
ITFO for Bahrain in favour of MIDAL CABLES for an amount of US$ 7.5 million to purchase Raw Materials.

ITFO for Iran for Euro 17.5 million (US$ 22.8 million)
ITFO for the Islamic Republic of Iran in favour of BEHSHAHR INDUSTRIAL DEVELOPMENT CORP. for Euro 7.5 million to purchase Raw Materials.

ITFO for the Islamic Republic of Iran in favour of ISFAHAN STEEL PUBLIC INCORPORATION (ISPI) for Euro 10 million to purchase Raw Materials.

ITFO for Kuwait for US$ 25 million
ITFO for Kuwait in favour of KUWAIT CEMENT CO. (KCC) for an amount of US$ 25.00 million to purchase Raw Materials & Spare Parts.

ITFO for Pakistan for US$ 25 million
ITFO in favour of the MINISTRY OF PETROLEUM & NATURAL RESOURCES for US$ 25 million to purchase Crude Oil & Refined Petroleum Products

ITFO for Qatar for EURO 2 million (US$ 2.6 million)
Line of Import Trade Financing Operation in favour of FIRST FINANCE COMPANY, Qatar for EURO 2 million.

ITFO for Turkey for EURO 7.6 million (US$ 9.9 million)
? ITFO for the Republic of Turkey in favour of GISAD DIS TICARET A.S. for EURO 7.6 million to purchase Textile Manufacturing Raw Materials.

Asset Management Operations (US$ 117.6 million)

US$ 2.7 million for participation in the capital of Hail National Co for Medical Equipments, Saudi Arabia.

US$ 20 million towards trade financing operations for Saadd Trading Co, Saudi Arabia.

US$ 40 million towards trade financing operations for Saipa Auto Mfg. Corp, Iran for import of transport kits.

US$ 6.7 million towards trade financing for CMDT , Mali for purchase of agricultural inputs.

US$ 10 million towards trade financing for Finanz Kiralama, Turkey for purchase of capital goods.

US$ 15.6 million towards project lease financing for Samir Refinery, Morocco.

US$ 6 million towards project lease financing for A. Alam Cold Rolled Steel Mill Ltd, Bangladesh.

US$ 1.5 million towards project lease financing for the Women Center for Memorization of Quran, Qatar.

US$ 220,000 towards project lease financing for Al Khan Residential Building project in UAE.

US$ 15 million as investment for Govt of Pakistan’s launch of 5-year floating rate sukuk.