Jeddah, KSA, 13.11.2012 – The Board of Executive Directors of the Islamic Development Bank in its 286th meeting which started on Sunday, 11 November, approved US$752.5 million for financing new development projects in IDB member countries as well as Muslim communities in non-member countries.

The approvals accorded by the meeting chaired by IDB Group President Dr. Ahmad Mohamed Ali, included a number of strategic projects such as the second-phase contribution of US$ 250 million towards South Helwan Power Plant Project in Egypt (thereby raising the Bank’s financing to US$ 450 million to the same project), US$ 227 million for the Polio Eradication Program in Pakistan (comprising US$ 12 million from the Bank’s Islamic Solidarity Fund for Development/ISFD), US$ 100 million for the second
phase of Emirates Aluminum (EMAL) Project, and US$ 61 million towards upgrading the North Dakar Expressway in Senegal.

These approvals are in addition to US$ 50 million by the IDB President for supporting youth employment projects in Yemen in the framework of the US$ 250 million additional IDB assistance earmarked to Arab member countries facing social and economic transition.

Other development projects that were allocated financing included: US$ 20 million for linking Small Scale Farmers to Markets in Sierra Leone, US$ 20.3 million for Rainwater Harvesting in White Nile, South Kordofan, Sinnar and Darfur States, Sudan, US$ 16.8 million for supporting enhancement of Cardiology Services in Bouake, plus US$ 1 million for Capacity Building and Providing Equipment for the Ministry of Planning, Cote d’Ivoire, and US$ 10 million for reconstruction of Taraz- Talas Suusamyr
Road – Phase III as well as US$ 6 million from the ISFD for Sustainable Villages Program in Kyrgyzstan.

The Board approved grants worth US$ 787,000 under IDB’s Waqf Fund for educational projects in Muslim communities in the Russian Federation, Slovenia, USA and South Africa. It took note of the US$ 1 million supplementary financing approved by the IDB President for an Agricultural Development Project in Kangaba Region in Mali (where the Bank has already contributed US$ 9 million for the same project) as well two technical assistance grants totaling US$ 596,145 for capacity building and youth
employment support in Maldives and Niger.

The meeting reviewed a report for executing the recommendations by the Fourth Extraordinary Session of the Islamic Summit Conference, held in Makkah during 14-15August, 2012, which called for a capital increase for the IDB enabling it to fulfill its role of spearheading comprehensive development in member countries and Muslim communities in non-member countries. The Board also emphasized the need to continue focusing on supporting such sectors as human development, agriculture, rural and
infrastructure development, etc., by providing priority to these sectors.

The Board also discussed the Bank’s second medium term plan for 2013-2015 and approved the 2013 budget for the Bank, the Islamic Research and Training Institute (IRTI) as well as other Funds and Programs under the Bank.