Jeddah,10.5.2010: The 267th session of the Board of Executive Directors of the Islamic Development Bank (BED) approved US$ 164.9 million for new development projects in member countries and special assistance for Muslim communities in nonmember countries, and reviewed a concept note on Member Country Partnership Strategy (MCPS) which adopted by the Bank in pursuit of its new business model aimed at consulting and engaging with member countries in the design of joint partnership strategies.

The new finances approved by the BED under the chairmanship of President, IDB Dr. Ahmad Mohamed Ali, included new development projects in Turkey, Bangladesh and Mali, in addition to T.A. Grants for Muslim communities in Australia, Ethiopia, Montenegro, New Zealand, France and Kosovo (loan & grant) in addition to a T.A Grant to Somalia for drilling 10 new water wells and rehabilitating five others.

Meeting at IDB headquarters in Jeddah, the BED approved a total amount of US$ 3 million T.A Grant in favor of the Private Sector Project Preparation Facility for African Member Countries, to be utilized in 3 years starting 2010, under the management of the Islamic Corporation for the Development of the Private Sector (ICD), member of IDB Group, which also allocated about US$ 1.5 million for the same project.
A proposal for Sukuk issuance under the Enlarged MTN Program of US$3.5 billion was also reviewed during the meeting, in addition to a report on the Bank’s ongoing preparation for the upcoming Annual Meeting of the Bank’s Board of Governors which will be held in Baku, Azerbaijan (23-24 June 2010).
Details of the Board’s approvals are as follows:

DEVELOPMENT PROJECTS :

- US$ 100 million financing facility for the Renewable Energy Program under the Turkey Industrial Development Bank – Turkey.
- US$ 14.8 million for Water Supply and Sanitation Project in cyclone prone coastal areas – Bangladesh.
- US$ 40.8 million Loan + Istisna’a financing for the Djenne Agricultural Development Project – Mali.
- US$ 3 million T.A Grant in favor of the Private Sector Project Preparation Facility for African Member Countries, in addition to US$ 1.5 million allocated by ICD for the same project, Regional.

GRANTS AND SPECIAL ASSISTANCE PROJECTS :

- US$420,000 for the participation in the Relief Assistance for Drilling 15 Wells in Somalia, under the supervision of Zamzam Foundation.
- US$350,000 for the Expansion of Islamic School of Brisbane at Brisbane City, Australia.
- US$586,000 for the Construction of Alternative Basic Education (ABE) Centers in Afar Region, Ethiopia.
- US$3,15 million for the Establishment of a Trust Fund for financing Micro and Small Projects in Kosovo, (US$ 3.00 million for financing of Micro & Small Projects in Kosovo + a Grant of US$ 150,000 for the capacity building activities related to the Project), Kosovo.
- US$444,000 for the Construction of a Girls’ Secondary School in Rozaje, Montenegro.
- US$290,000 for the Construction of Waikato Islamic School in Hamilton, New Zealand.
- US$500,000 for the Purchasing of School Building in favor of the French-Arabic Secondary School - Paris, France.

OPERATIONS APPROVED BY THE PRESIDENT :

- US$ 600,000 for the IDB’s Equity Participation in the Capital of Tatarstan International Investment Company, Tatarstan, Russian Federation.