H.E. Dr. Ahmad Mohamed Ali, President of the Islamic Development Bank and Chairman of the Board of Executive Directors (BED) informed the Board that the forthcoming Sukuk issue under Medium Term Note (MTN) program has been rated AAA by Standard and Poor’s and Moody’s.
The Board which concluded its 260th session at IDB Headquarters in Jeddah, approved about US$ (426.5) million for financing a number of development projects in 4 member countries i.e., Iran, Syria, Sudan and Bahrain. The Board also approved grants from Waqf Fund to support education and vocational training in favor of 6 Muslim communities in non-member countries in Macedonia, Kenya, China, India, UK, and Democratic Republic of the Congo. The approvals also included support for the International Center for Biosaline Agriculture (ICBA) for the next five years.<br>
The BED reviewed a number of issues and reports including a report on the impact of the global economic crisis on IDB member countries. The BED also looked at the major decisions and recommendations that were issued by a Symposium conducted recently in London. The Symposium was organized by IDB in collaboration with the Islamic Financial Services Board (IFSB ) and the British Ministry of Trade and Investment (UKTI) under the title of Emerging Financial Stability Framework.
Details of the Board approvals during the session are as follows: <br>
DEVELOPMENT PROJECTS<br>
- US$ 128.7 million Istisna'a Financing for the Qom Water Supply Project,Iran.<br>
- US$ 105.3 million Istisna’a Financing for the Expansion of Damascus Water Supply Project,Syria.<br>
- US$ 10 million Line of Financing to Agriculture Bank of Sudan. (Line of Leasing, Instalment Sale & Istisna’a),Sudan.<br>
- US$ 180 million Lease Financing for the 220/66 kV Electrical Transmission Development Project (Phase-IV)),Bahrain.<br>

GRANTS AND SPECIAL ASSISTANCE PROJECTS FROM WAQF FUND<br>
- US$ 800,000 Grant and Loan Financing for the Construction of Student’s Dormitory and Educational Center in Tetovo, Macedonia.<br>
- US$ 326,000 for the Expansion of Young Muslim High School, Garissa, Kenya.<br>
- US$ 295,000 for the Construction and Equipping of Shizuishan Vocational Training Center, Shizuishan City - Ningxia Hui Autonomous Region, China. <br>
- US$ 185,000 for the Construction of School for Society for Promotion of Culture and Education at Budgam town, Budgam District, Jammu & Kashmir State, India.<br>
- US$ 395,000 for the Renovation of Madani Girls High School, Tower Hamlet, London, United Kingdom.<br>
- US$ 280,000 for the Extension of the City School in Kasongo District, Maniema State, Democratic Republic of Congo.<br>
- US$ 190,000 for the Participation in the Construction of Primary School for “Madresa Moinul Islam Trust” at Himmatnagar Town, Sabarkantha District, Gujarat State, India.<br>