Rabat : Sunday, April 23, 2006

In the framework of the annual Joint Meetings of Arab Financial Institutions in Rabat, Morocco,on 18-19 April 2006, H.E. Dr. Ahmad Mohamed Ali, the President of the Islamic Development signed six financing agreements amounting more than US$170 million with Palestinian and Moroccan officials.

From the total sum US$ 10 million loan finance agreement was signed with H.E. Dr, Samir Abu Esha, the Minister of Planning in the Palestinian Authority Government for establishing 12 schools. Another agreement was signed with the Palestinian Minister amounting US$ 4,4 million loan finance from Alaqsa and Alquds Funds for expanding and accommodating 11 schools.

Three financing agreements were signed with the Moroccan National Bureau for Electricity as follows:
An agreement amounting US$ 10 million loan finance for participating in extending electric supplies to 158 villages located in four Moroccan Regions, and tow agreements amounting US$ 46.21 million for participating in Electric Networks Projects for supplying a number of Moroccan Regions with electricity.

Also US$ 100 million agreement was signed with Mr. Jalal Ba Amir the President of Samir Company in Morocco for importing crude oil from member countries. The total finances which was extended by the Bank to this company up to date exceeded more than US$ 1.3 billion.