Jeddah, KSA, 29.04.2015 –The 304th meeting of the Board of Executive Directors of the Islamic Development Bank (IDB) chaired by IDB Group Chairman, Dr. Ahmad Mohamed Ali, ended on 27 April endorsing a US $7 million grant approval from the IDB Group as support to education of war-afflicted Syrian children in Syria and neighboring countries, among other development project financing.
The meeting reviewed a number of documents, including a report on allocations to support capacity building in the field of Islamic financial services industry, in view of their submission to the upcoming annual meeting of the Board of Governors of the IDB slated for 10-11 June in Maputo, Mozambique, to be attended by the finance and economy ministers of 56 member countries. Some other technical and administrative reports were also reviewed including one on the knowledge management strategy
aiming to transform the IDB Group into a knowledge-based institution to ensure it remains relevant to its member countries.
The meeting also approved US $346.5 million towards financing new projects with US $317 million mainly focusing on infrastructural road projects including: US $181.5 million for the “Development of Batchenga-Lena-Tibati-N’Gaoundere Corridor Phase I – Construction of Lena-Tibati road Section” in Cameroon; US $106 million for the “Reconstruction of Regional Roads (Ndioum-Thilonge & Diallocotto-Mako) Project” connecting Senegal to neighboring countries in West Africa; and US $30 million for the
“Construction of Tebaram-Tahoua Road” in Niger. A US $29 million financing also went to “Ouagadougou Suburban Areas Development Project” in Burkina Faso.
The Board also approved three grants for a total of US $540,000 under the IDB Waqf Fund for educational projects for Muslim communities in Austria, Germany and India.