04.09.2013, KSA- The Board of Executive Directors of the Islamic Development Bank (IDB), has approved US $747 million development financing for Lebanon, Iran, Yemen and six African member countries, namely, Burkina Faso, Cameroon, Chad, Egypt, Senegal and Tunisia. The approval was given during the meeting of the board this week at the Bank’s headquarters in Jeddah. Financing was also extended to Muslim communities in six non- member countries (Botswana, Fiji, Kenya, Sri Lanka and Tanzania)
for supporting education projects.
Tunisia is the highest beneficiary which received US $200 million for the Rades-C Combined Cycle Power Project. Iran received US $190 million for a Sanitation Improvement Project that will benefit six cities in Fars region while Egypt received approval for US $109 million for an agricultural Project that will focus on the rehabilitation of Irrigation and drainage pumping stations
Burkina Faso will receive a project financing of US $100 million for the construction of new airport to serve the capital Ouagadougou. US $72 million will go to Lebanon for the development of Lebanese University through construction of two public health faculties.
Senegal will receive US $38 million for a floods impact mitigation project in the capital Dakar to minimise the impact of recurrent floods which affects about 300,000 people in the country resulting in the loss of lives and properties. The rest of the projects are US $24 million to Cameroun to support the development of primary and secondary health services in the most deprived areas of the country, and US $14 million for a bilingual (Arabic-French) lower secondary school education project in
the Republic of Chad
“These important projects will go a long way in addressing the development needs of our member countries. They are multifaceted projects that cover health, education, agriculture and community wellbeing”, said Dr Ahmad Mohamed Ali, the IDB President.
“Ours is a development bank, always thinking and strategizing to uplift the standard of living through well-prepared projects in our member countries” the President added while addressing the members of the board representing the 56 member countries of the Islamic Development Bank.
The Board also discussed the preparation for the 40 year anniversary of IDB (to be celebrated on the occasion of the next Annual Meeting of the Bank in June 2013) , as well as the plan for the Saudi Arabia project for utilization of Hajj meat project during this year Hajj operation. It is worth mentioning that IDB has been entrusted with the implementation of this project ever since it was launched in 1982.