Jeddah - 15/1/2007

The Board of Executive Directors of The Islamic Development Bank (IDB), which concluded its 242nd session at the Bank's Headquarters in Jeddah, Saudi Arabia, approved US$ 446.3 million towards project financing and trade operations.

Financing approvals by the Board included participation in financing new development projects in Azerbaijan, Nigeria, Senegal, Cote d'Ivoire and Sudan, in addition to Line of Finance for three Banks in Uzbekistan, and Technical Assistance for development projects in Indonesia, Lebanon, Niger and Morocco. The Board also approved Grants from Waqf Fund in favor of Islamic Communities in Central African Republic and India, in addition to a grant for establishing a Boarding School in Mogadishu, Somalia.

H.E. Dr. Ahmad Mohamed Ali, President, IDB, who chaired the Session, stated that the Board considered during this session many issues including prospects of establishing Regional Infrastructure Funds, for supporting Infrastructure Projects in member countries, with a catalytic role for IDB in rallying financiers for those Funds.

The Board also approved a Cooperation Program with the IMF for promoting Islamic Banking and Finance Industry and allocation of US$ 600,000 for the Program, and approved the establishment of a Representation Office for ICIEC in the United Arab Imarets.

Moreover, the Board reviewed the documents of the 32nd Annual Meeting of Board of Governors which will be held in Senegal on 12-13/5/1428 (29-30/5/2007).

Details of the various project financing and trade operations approved by the Board are as follows:

DEVELOPMENT PROJECTS

- US$15 million Global Line of Financing to three Banks in Uzbekistan ? Installment Sale/ Leasing, Uzbekistan.
- US$ 80 million Leasing Finance for Mingerchaur Hydropower (Phase 2), Azerbaijan.
- US$ 9.7 million additional finance in favor of the National Program for Food Security, Nigeria.
- US$ 27.1 million Leasing Finance for financing of a 60 MW Power Plant in Dakar, Senegal.
- US$ 38.8 million Istisna'a Finance for Singrobo-Ymoussokro Highway Project (Phase2), Cote d'Ivoire.
- US$ 3 million Istisna'a Supplementary Financing for Khartoum Water Treatment Plant Project, Sudan.

TECHNICAL ASSISTANCE OPERATIONS

- US$ 418,000 T.A. (Grant) Operation for Capacity Building to the Sierra Leone Rural Transport Corporation (SLRTC),Sierra Leone.
- US$ 3.7 million T.A. (Loan) Operation for Preliminary Engineering Design and Feasibility Study of the Mayumba Deep water sea Port Project, Gabon.
- US$ 434,000 T.A. (Grant) Operation for Additional Studies of Phosphate Mining Project in Matama, Senegal.
- US$ 4.5 million T.A. (Loan) Operation for Greater Beirut Water supply Study/Design, Lebanon.

GRANTS FROM THE WAQF FUND

- US$ 379,000 for Construction of Secondary School in Mbaiki Town, Central African Republic.
- US$ 320,000 for Construction of a Boarding School in Mogadishu, Somalia .
- US$ 120,000 for Extension of Madani High School and Construction of Science Laboratory, Modasa Town, Sabarkantha District, Gujarat State, India.
- US$ 600,000 for financing Cooperation Program between IDB & IMF for promoting Islamic Banking and Finance Industry.

APPROVALS BY THE PRESIDENT
The following are approvals of Trade Operations and Technical Assistance made by the President of the Bank between the previous and present sessions of the Board:

Import Trade Financing Operations (ITFO):

- Import Trade Financing Operation for the Republic of Gambia in favour of the Department of State of Finance and Economic Affairs for an amount US$ 5 million to purchase Refined Petroleum Products and Gas..

- Import Trade Financing Operation for the Islamic Republic of Iran in favour of the ARTAWHEEL Tire Company for US$ 14 million to purchase Natural Rubber.

- Import Trade Financing Operation for the Islamic Republic of Iran in favour of BEHSHAR Industrial Development Corporation for US$ 27 million to purchase Crude Sun Flower Oil and Raw Sugar.

- Import Trade Financing Operation for the Islamic Republic of Iran in favour of Iran Tire Company for US$ 8.4 million to purchase Raw Material for the production of Tires.

- Import Trade Co-financing Operation for the Federal Republic of Nigeria in favour of DANGOTE Industries Limited for US$ 14 million to purchase Flour Mill Machinery.

- Import Trade Financing Operation for the Federal Republic of Nigeria in favour of CHICASON Group for US$ 25.00 million to purchase Raw Materials, Refined Petroleum Products and CKD Motor Bicycle Parts.

- Import Trade Financing Operation for the Republic of Turkey in favour of Gurle Suni Deri Tekstil SAN. VE TIC. A.S for US$ 3.9 million to purchase Raw Materials.

- Import Trade Financing Operation for Jordan in favour of Jordanian Electric Power Co. Ltd. (JEPCO) for US$ 25.00 million to purchase Spare Parts.

- Line of Import Trade Financing Operation for Jordan in favour of Jordan Kuwait Bank for US$ 12.00 million to purchase Raw Materials, Intermediate & Capital Goods.

- Syndicated Murabaha Financing Operation for Kuwait in favour of Independent Petroleum Group (IPG) for US$ 50.00 million to purchase Petroleum Products.

- Import Trade Co-Financing Murabaha Operation for Tunisia in favor of Societe Nationale De Cellulose Et De Papier Alfa (SNCPA) for US$ 10.00 million to purchase Raw Materials and Spare Parts.

Trade Financing Operations (Using EFS Resources)

- Trade Financing Operation of Crude Oil & Petroleum Products from Kuwait to Ministry of Energy & Mineral Resources of Bangladesh for US$ 25.00 million.
- Trade Financing Operation of Crude Oil & Petroleum Products from Kuwait to Ministry of Energy & Mineral Resources of Bangladesh for US$ 25.00 million.

Trade Financing Operations (Using BDEA Resources)

- Co-Financing Operation for US$ 10.00 million in favour of the Republic of Seychelles for the Export of Refined Petroleum Products from Saudi Arabia.

TECHNICAL ASSISTANCE OPERATIONS AND OTHER PROJECTS

- US$ 95000 Technical Assistance Grant for a Regional Study on French/Arabic Education in Burkina Faso, Guinea, Mali, and Senegal (RSA-TA-Project).
- US$ 287000 Technical Assistance (Grant) for Capacity Building of Bio-Pesticide Production, Bioteck Center (BPPT) - Indonesia.
- US$ 295000 Technical Assistance Grant for Feasibility Study for Construction of Bhola 150 MW Combined Cycle Power Plant and Barisal-Bhola-Borhanuddin 132 KV Transmission Line - Bangladesh.
- US$ 285000 Technical Assistance Grant for Capacity Building of National Oilseeds Production Research Institute (NOPRI) - T.A. Grant - Sudan.
- US$ 7 million Supplementary Financing for the Ongoing Leasing Operation of Al-Zawia Combined Cycle Power Plant Project, Libya.