29.11.2010, Jeddah,
The 272nd meeting of the Islamic Development Bank’s Board of Executive Directors on Sunday, approved the US$ 4 billion operation plan for the new financial year 1432H (2011G), comprising of US$ 357 million for concessional loan financings, US$ 58 million for grant financings and technical assistance as well as US$ 3.8 billion for leasing, installment sale/istisna’a, equity financing, profit sharing and lines of financing.
The meeting also approved a total amount of US$ 415.7 million for new development projects in a number of IDB Group member countries including; Iran, Pakistan and Senegal which also included a US$ 2 million amount to finance relief for reconstruction of Sa’ada Province and resettlement of the displaced population in Yemen. The approvals also accounted for a total amount of US$ 1.5 was dedicated to financing IDB WAQF FUND projects in the areas of health and education in the Philippines, India, Ethiopia and the United Kingdom.
272nd Board of Executive Directors Meeting Approvals in Detail:
- US$ 220 million for The Neelum-Jhelm Hydro Power Plant Equipment Project – Pakistan
- US$ 93 million for the new International Airport, 45 kilometers from the capital City of Dakar - The Republic of Senegal. (Once operational, the new international airport will elevate Dakar as the new economic gateway to west African markets.)
- US$ 93 million for Fars Gas Power Plant Company – Iran. (The severe draught in 2007 and 2008 adversely affected the country’s hydro-electric production resulting in a significant supply and demand gap meaning that without any expansion of the present capacity, Iran would face an increasing production deficit as of 2010.)
- US$ 1 million technical assistance (US$ 500,000 for financing quick relief efforts as well as US$ 500,000 for reconstruction and repair of health, educational and water supply grid) in Sa’ada Province – The Republic of Yemen
Approvals for IDB WAQF Fund:
- US$ 589,000 for construction of Maternity and Surgical Specialists’ Hospital, Pangarungan Village, Marawi city, Lanao Del Sur and construction of BUAD Integrated Islamic Academic Building at Lanao Del Sur, Philippines.
- US$ 300,000 for construction of Academic Building for the “Institute of Excellence” in Vikarabad Town, Ranga Reddy District, Andhra Pradesh, India.
- US$ 330,000 for expansion of “Model Educational Complex” in Asasa Town, West Arsi Zone, Oromia Region, Ethiopia.
- US$ 261,000 for participation in the completion of Palfrey Girls School, Walsall, West Midland, United Kingdom.