Jeddah, KSA, 1.12.2014 – The Board of Executive Directors of the Islamic Development Bank (IDB), at the end of its meeting convened under the chairmanship of Dr Ahmad Mohamed Ali, President, IDB, at the Bank’s headquarters in Jeddah, approved US$ 566 million for development financing projects.
The approvals covered many sectors including energy, roads, petrochemicals, water, education and health in favor of eight member countries i.e., Egypt, Saudi Arabia, Tunisia, Lebanon, Burkina Faso, Benin, Côte d'Ivoire and Niger.
In the Energy Sector the Board allocated US$ 220 million for Egypt- Saudi Electricity Interconnection Project, which aims to facilitate supply of electricity from Saudi Arabia to Egypt and vice versa with a maximum capacity of 3000 MW.
In the petrochemicals sector the Board approved US$ 100 for the Rabigh2 project under Saudi Arabia’s Refining & Petrochemical Company (Petro Rabigh). The project will allow to almost double the company’s petrochemical products’ output.
Two projects were approved in the Road Sector totaling US$ 116.5 million, including US$ 69.5 for the Northern Highway Project in Lebanon, namely, the Tripoli Eastern Ring Road which is much needed to help relieve the highly congested roads in the Tripoli Metropolitan Area, and US$ 47.6 million for Upgrading of Banikoara-Keremou – Burkina Faso Border Road, Benin.
In the Water Sector, the Board approved two projects totaling US$ 97.7 million, out of which US$ 77.7 million was allocated for the Rural Water Supply Project in the Governorate of Bizerte, Tunisia, to support the implementation of the Government of Tunisia's program for water supply to rural population, aimed at promoting balanced regional socioeconomic development and provision of water supply facilities to depressed areas and regions of the country. Moreover, US$ 20 million was allocated for
the Ouagadougou Water Supply Project phase II, geared to reinforce the capital city water supply systems, and is complementary to the IDB-financed Phase I which was successfully completed.
In the field of education, US$ 15 million was approved for the Vocational Training School for Agriculture, Livestock and Fisheries in Côte d’Ivoire, and, in the health sector, US$ 15.8 million was allocated for the Support to the National Disease Prevention and Control Program in Niger.
The Board also approved funds for education projects for Muslim communities in three non-member countries (Ireland, Slovenia and Tanzania: US$ 200,000 each), and took note of the approvals made by the President of the Bank in the past period. The President’s approvals included US$ 300,000 for supporting the efforts of Sierra Leone Government in combating Ebola, and US$ 260,000 for conducting a feasibility study for supplying rural areas with electricity in Buvuma and Sigulu Islands in Uganda.