7 February 2005,

The Board of Executive Directors of the Islamic Development Bank which concluded its 228th session at the Bank's Headquarters in Jeddah, Saudi Arabia, on Monday reiterated its pledge of US$ 500 million to support the Tsunami affected member countries and non-member countries and emphasized the need for the World community to coordinate the efforts for better impact.

The Board approved around US$ 599 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, technical assistance, trade operations and special assistance. The total amount includes around US$ 191 million towards project financing, technical assistance and assistance to communities in non-member countries for educational projects, and US$ 224 million for trade operations (from Import Trade Financing Operations and Export Financing Scheme) and US$ 181 million towards trade operations from the Asset Management Department (comprising the Unit Investment Fund, Islamic Banks Portfolio and Awqaf Properties Investment Fund) etc.

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$ 32.5 million for the 60 MW Diesel Power Station of SENELEC in Dakar, Senegal, as Loan + Lease financing,

US$ 60.7 million for the Mohammedia Thermal Power Plant Upgrade Project in Morocco as Istisna’a financing.

US$ 10 million for the Irrigation Development Project in Three Regions in Sudan, as loan financing.

US$ 15.5 million for the Additional Financing under Istisna'a Operation for Beni Haroun Water Supply Project (Phase II) in Algeria.

US$ 10.4 million for the Archman Medical Hydrotherapy Center Project in Turkmenistan as loan financing.

US$ 3 million for the Health and Population Project, as LDMC – Loan financing for Bangladesh.

US$ 20 million for the Construction of Andkhoy to Aquina Road Project in Afghanistan as loan financing.

US$ 10.4 million for the Reconstruction of Yevlah Ganja Road Project in Azerbaijan as loan financing.

US$ 20.3 million for the University of Haluoleo University Project in Kendari, Indonesia, as a combination of installment sale/Istisna'a financing.

TECHNICAL ASSISTANCE

US$ 116,000 for the Support the Organization of a Regional Workshop on Cotton – T.A. Grant – Burkina Faso

US$ 405,000 for the Capacity Building to Chad Electricity and Water Company (STEE) – T.A. Grant – Chad

US$ 4 million for the Operation for the Mining Sector Study-Phase II – T.A. Loan – Mauritania.

US$ 600,000 for the Establishment of a Regional Center of Plant Genetic Engineering and Biotechnology in the GCC Countries.

ITEMS FROM THE IDB WAQF FUND

US$ 283,000 for the Construction of a School Building for the Islamic Foundation of South Florida, Sunrise, Florida, USA

US$ 196,000 for the Construction of a Girls' Secondary School, Hargeisa, Somalia

US$ 246,000 for the Construction of Al-Azhariya Islamic Secondary School, Kumasi, Ghana

US$ 865,000 for the Expansion of Tamparan District Hospital, Islamic Municipality of Tamparan, Lanao Del Sur, ARMM, Philippines

US$ 290,000 for the Construction and Equipping of the Islamic Centre in Belgrade, Federal Republic of Serbia and Montenegro

US$ 234,000 for the Provision of Dormitories for the Russian Islamic University in Kazan City, Republic of Tataristan, Russian Federation

US$ 500,000 as Loan for participation in expansion and equipping of Al-Faisal College for Australian Islamic Cultural Center, Sydney, Australia

US$ 540,000 for as Grant and Loan for Participation in Purchasing a New Building for the University of Novi Pazar, Sanjak, Serbia and Montenegro

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 Burkina Faso for EURO 2 million
Line of Import Trade Financing Operation in favour of Banque Commerciale du Burkina, Burkina Faso for EURO 2 million.

ITFO for Bahrain for US$ 25 million
ITFO for Bahrain in favour of Aluminum Bahrain (ALBA), for US$ 25 million to purchase Raw Materials & Spare Parts.

ITFO for Egypt for US$ 50 million
ITFO-2SMF in favour of the Egyptian General Petroleum Corporation, Republic of Egypt for US$ 50 million to purchase Petroleum & Petroleum Products.

ITFO for Iran for Euro 18.5 million
-ITFO for the Islamic Republic of Iran in favour of KAVIR TIRE COMPANY for Euro 7 million to purchase Raw Materials for Tire Production.

-ITFO for the Islamic Republic of Iran in favour of BEHSHAHR INDUSTRIAL DEVELOPMENT CORP. for Euro 11.50 million to purchase Raw Materials for Vegetable Oil.

ITFO for Jordan for US$ 7 million
Line of Import Trade Financing Operation in favour of Jordan Kuwait Bank, Jordan for US$ 7 million.

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 Turkey for US$ 25 million
ITFO for the Republic of Turkey in favour of Graniser Granit Seramik San. Ve Tic. AS. for US$ 5 million to purchase Ceramic Raw Material and Machinery Spare Parts.

ITFO for the Republic of Turkey in favour of Diler Demir Celik Endustri Ve Ticaret As. for US$ 20 million to purchase Iron & Steel Scrap.

EXPORT FINANCING SCHEME (EFS)

EFS for Kuwait for US$ 60 million

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

BADEA Trade Financing for Seychelles for US$ 5 million
BADEA Export Financing Operation for the export of Petroleum Products from Arab Countries to the Republic of Seychelles for US$ 5,000,000.
ITEMS FROM ASSET MANAGEMENT OPERATIONS

The Board also took note of the approvals made by the President for an amount of US$ 181 million from the operations of the Unit Investment Fund, Islamic Bank's Portfolio, and the Awqaf Properties Investment Fund.