03.08.2011, Jeddah, KSA – The Board of Executive Directors of the Islamic Development Bank (IDB) concluded its 277th meeting in Jeddah, Kingdom of Saudi Arabia, approving US$ 494.73 million in financing for new development projects in member countries and Muslim communities in different parts of the world including a US$ 1 million urgent relief aid to the famine stricken Somalia. Chaired by IDB Group President, Dr. Ahmad Mohamed Ali, the meeting approvals included; “US$ 200 million South Helwan Power Plant Project in Egypt” and “US$ 200 million Ashungahj Power Station Efficiency Improvement Project in Bangladesh”, in addition to other projects in Lebanon (US$ 37.2 million), Burkina Faso (US$ 23 million), Cameroon (US$ 16.4 Million), Senegal (US$ 15.6 million). The Board also approved granting of more than US$ 1.58 million under IDB’s Waqf fund to be allocated to educational and health services for Muslim communities in Canada (US$ 300,000), Central African Republic (US$ 240,000), India (US$ 250,000), Rwanda (US$ 240,000) and Serbia (US$ 250,000). A US$ 300,000 technical assistance grant was also approved by the IDB President for Al- Azhar University’s Arabic Teaching Center for Non-Native Speakers, in Cairo. In line with the significance the IDB attaches to development of human resources, the Board also approved a Scholarship and Capacity Building Program in the Areas of Finance, Economics and Trade to the benefit of government officials of the least developed member countries. The details of the approvals of the 277th Meeting of the Bank’s Board of Executive Directors are as follows; Projects: - US$ 200 million financing by way of leasing for Ashuganj Power Station Efficiency Improvement Project, Bangladesh - US$ 200 million financing by way of leasing for South Helwan Power Plant Project, Egypt - US$ 37.18 million financing for two projects in Lebanon; o US$ 10 million by way of Istisna’a for Bir El Heith- Qartaba Road Construction Project o US$ 27.18 million by way of Istisna’a for the Development of Secondary and Tertiary Healthcare Services Project - US$ 23 million financing by way of Istisna’a, loan and technical assistance grant for Ouagadougou Peri Urban Dairy Sector Development Project, Burkina Faso - US$ 16.4 million financing for Integrated Development of Cotton and Food Crop Production Project, Cameroon - US$ 15.57 million financing for Support to the Dara Schools Development Project, Senegal Operations Under IDB Waqf Fund: - US$ 300,000 for Construction of Jami Omar Islamic School, Ontario Province, Canada - US$ 240,000 for construction of Medical Center in Bangui, Central Africa - US$ 250,000 for New Grace English School, Pune, Maharashtra State, India - US$ 240,000 for Construction of Health Center in Rwamangaa, Rwanda - US$ 250,000 for Construction of Secondary School Complex, Sanjak, Serbia Operations approved by IDB President in respect of Technical Assistance: - US$ 300,000 as T.A grant operation for Al- Azhar Center for Teaching Arabic to Non-Native Speakers The Board of Executive Directors of the Islamic Development Bank regularly meet every two months to discuss the Bank’s development mandate through financing and rendering technical assistance to numerous projects in the Bank’s 56 member countries as well as Muslim communities worldwide. In late June, 2011, IDB Group President Dr. Ahmad Mohamed Ali stated during the Bank’s 36th Annual Meeting in Jeddah that the total amount of development financing of the Bank has exceeded US$ 70 billion since it commenced operations in 1975.