Jeddah, 15.03.2010: The Board of Executive Directors of the Islamic Development Bank (BED) which concluded its 266th session at IDB Headquarters in Jeddah, under the chairmanship of President, IDB Dr. Ahmad Mohamed Ali, approved (US$ 333.9) million for financing new development projects.
The Board approvals included new project financing in Pakistan, Bahrain, Yemen, Benin, sierra Leone, and Saudi Arabia.
The Board also approved a T.A. Grant for the Syria-Turkey Inter-Regional Cooperation Program (STICP), a program that the Bank is seeking to generalize in similar boarder areas in member countries. In addition, T.A. Grants were approved for Muslim communities in non-member countries including India, Fiji Islands, Kenya, Nepal, Thailand and USA.
The Board reviewed documents for the 35th Annual Meeting of the IDB Board of Governors which will be held in Baku, Azerbaijan 23-24 June 2010. It also reviewed a draft IDB Annual Report 1430H (2009) and a draft Audited Financial Statements of IDB-OCR, Waqf Fund for the Year 1430H.
Details of the Board approvals are as follows:
DEVELOPMENT PROJECTS
- US$ 5.4 million Loan financing for the Microfinance Support Program (MFSP/BEN) including US$ 450,000 Grant to finance capacity building for small enterprises financiers – Benin.
- US$ 8.88 million Loan + T.A. (Grant) financing for the Sierra Leone Community Driven Development (SLCDD) Project - Sierra Leone.
- US$ 10.5 million Loan financing for the Enhancement of Rural Development Opportunities Project under Economic Opportunities Fund – Yemen.
- US$ 62 million Istisna’a and Installment sale for the Construction and Equipping of a Teaching Hospital for the National University of Science & Technology (NUST) Project – Pakistan.
- US$ 124 million Leasing financing for the 66 KV Electricity Transmission Development Project – Bahrain.
- US$ 120 million Istisna’a financing for the Jubail Refinery and Petrochemical Project under the Saudi ARAMCO TOTAL Refining and Petrochemical Company (SATORP) – Saudi Arabia.
- US$ 1 million Technical Assistance (Grant) Operation for the Syria-Turkey Inter-Regional Cooperation Program for the Development of Boarder Areas (STICP).
GRANTS AND SPECIAL ASSISTANCE PROJECTS

- US$250,000 for the Construction of Lautoka Muslim Primary School, Fiji.
- US$226,000 for the Construction of VTC in Jharkhand, India.
- US$440,000 for the Construction of Classroom Block at Shartuka Islamic Center, Kilgloris, Rift Valley, Kenya.
- US$210,000 for the Construction of Girls School Building, Nepal.
- US$245,000 for the Expansion of Amanasak School, Muang Town, Pattani Province, Thailand.
- US$450,000 for the Expansion of Eman School for Alhuda Foundation Inc., Fishers, Indiana, USA.
OPERATIONS APPROVED BY THE PRESIDENT
- US$ 307,000 T.A (Grant) Financing for the Feasibility Study of the Hydro Agricultural Development Project in the Liptako - Gourma Region (Burkina Faso-Mali-Niger).