Dakar - 28/05/2007

Eight African member countries of the IDB received funding with the amount of $228.6 million out of 14 new funding operations for new development projects in a number of member countries. This took place at the conclusion of the IDB Board of Executive Directors' meeting in the Senegalese capital, Dakar, under the chairmanship of His Excellency, Dr. Ahmed Mohamed Ali, President of the IDB Group. During the session.

The Board approved new funds as contribution to the funding of seven external trade operations for the benefit of a number of member countries. In addition, it approved the provision of new grants and aid for the benefit of Muslim communities in: Canada, Bosnia and Herzegovina, India, Kashmir, and Liberia. The total approved funds amounted to US$ 763.2 million.

The Board also examined a number of reports and important topics such as: a progress report on the implementation of the IDB's 1440H (2020) Vision, a report on the establishment of the Islamic Solidarity Fund for Development and a report on the IDB liquidity management. Below are details of the funds approved during this session:

I: Projects and Technical Assistance:

• A loan of US$10.4 million to the Republic of Senegal to contribute to the first phase of the water network project in the area of Touba in the Republic of Senegal.

• The sum of US$21 million to the Republic of Benin as contribution to the project for the prevention of coastal erosion.

• A loan of US$10.4 million to the Republic of Siera Leone as contribution to the expansion and enhancement project of the power network for the distribution of medium to low potential in Freetown, and providing technical assistance to the same project for the sum of US $387,000.

• A loan of US $10.3 million to the Republic of Mozambique as contribution to the secondary education development project.

• A loan of US $8.6 million to the Republic of Bangladesh as contribution to the Agricultural and Rural Development Project in the Greater Rangpur area.

• A loan of US $16.5 million to the Republic of Afghanistan as contribution to the regional electricity project.

• The sum of US $40 million as contribution to the Durees-Mureen Road Project in the Republic of Albania.

• The sum of US $162 million as contribution to the electricity generation project in Abu Queir in the Arab Republic of Egypt.

• A loan of US $13.7 million as contribution to the project for the construction and equipment of three regional hospitals in the Republic of the Sudan.

• Technical assistance in the form of a grant for the sum of US $412,000 as contribution to the capacity building of the Ministries of Finance and Economic Development in the Republic of Guinea Bissau.

• Technical assistance in the form of a grant of US $444,000 as contribution to the organizational capacity building for the Plant Bio-Technology Laboratory in the Republic of Djibouti.

• To mobilize an amount of US$200 million in cooperation with the private sector in the Kingdom of Saudi Arabia, out of which $125 million was provided the IDB to fund the expansion and improvement of pilgrims travel terminal at the King Abdul Aziz International Airport in Jeddah, Kingdom of Saud Arabia, in addition to $10 million as a contribution of 20% in the capital of the project company with a capital of $50 million.

• The sum of $ 4.6 million to participate in the capital increase of the Kuwaiti-Turkey Contributions Bank to maintain the IDB 9% contribution of the paid in capital of the Kuwaiti-Turkey Bank following the decision by the General Assembly to increase its paid-in capital from 213,000,000 Turkish Lira to 260,000,000 Turkish Lira

II: Grants and Aid From the Waqf Fund:

• A grant of US $280,000 as contribution to the project for expansion of the school for Muslim girls in the city of Greater Toronto, Ontario, Canada.

• A grant of US $290,000 as contribution to the building rehabilitation for use as a new branch for the Barham-Bejova secondary school at the city of Jaradacka, district of Tozal in Bosnia and Herzegovina.

• A grant of US $158,000 as contribution to a secondary school project at Mosomi village, Nagwan Center, Asam state, India.

• A grant of US $300,000 as contribution to the project of rebuilding the Higher model government school destroyed in October 2005 as a result of the earthquake that hit Muzafarabad in the Azad Jaom and Kashmir region.

• A grant of US $350,000 as contribution to the extension project of the dormitory and school facilities at Kahateen children's village in Monrovia.

III- Operations approved by the Bank President:

a- Import financing of :

• The sum of US $50 million for crude oil and petroleum product imports from members for the benefit of the Ministry of Energy and Electricity in the Republic of Bangladesh.

• The sum of US $27.3 million for three import operations for three industrial companies in the Islamic Republic of Iran. The first operation costing US $13.7 million, represents the financing of the importation of machines and raw materials for the production of soft drinks for Behnoosh Iran Company. The second for the sum of US $6.8 million, is to finance the importation of raw materials from member countries for the benefit of Yazed Rubber Industries Complex; and the third for the sum of US $6.8 million is to finance the cost of spare parts for the production of tyres for Iranian Mash had Company for Tyre Industry.

• The sum of US $25 million for the importation of raw materials for the steel industry for the benefit of the Western Mineral Products Limited Company in the Federal Republic of Nigeria.

• Crude oil from member countries in the form of Murabaha to the tune of US $150 million for the Moroccan Industry and Refinery Company (SAMIR)
• The sum of US $5 million for the importation of wheat for the benefit of the Turkish Bafra Iris Unim Industrial Company.

b- Technical Assistance Operations and other projects:
• The sum of US $224,000 as technical assistance in the form of a grant to in support of the Alexandria library in the Arab Republic of Egypt.
• The sum of US $148,000 as technical assistance in the form of a grant for institutional support to Al Madina Al-Monwara Centre for Social Development in Madina, Kingdom of Saudi Arabia.
• The sum of US $298,000 as technical assistance in the form of a grant to conduct a feasibility study on the establishment of a general institute for vocational training in the Kingdom of Morocco.
• The sum of US $290,000 as technical assistance in the form of a grant to finance a feasibility study on small scale power general project in the Republic of Uganda.

Within the framework of the IDB Programme for Combating Malaria for which the Bank recently earmarked the sum of US $50 million as contribution towards combating this disease in member countries, the first phase of which covered ten of the worse affected member countries, the President of the Bank approved two loans and one technical assistance grant for both Senegal and Sudan as follows:
• A loan of US $8 million for combating and preventing Malaria in the Republic of Senegal.
• US $7.2 million as contribution to making the central region of Sudan a malaria-free zone, out of which US $7 million is in the form of a loan and the balance in the form of a technical assistance grant.