26.06.2011, Jeddah, KSA – The 276th Board of Executive Directors of the Islamic Development Bank held on 26 June under the chairmanship of IDB President Dr. Ahmad Mohamed Ali, approved more than US$ 716.7 million for financing new development projects in the IDB member countries as well as grants under IDB’s Waqf Fund for projects in Muslim communities in non-member countries such as Brazil, Burundi, Ethiopia, China, India and Slovenia together with donations for development of four hospitals in Somalia. Amongst the major approvals of the meeting were a number of strategic projects including; “US$ 198 million of financing for power generation and primary education projects in Bangladesh”, “US$ 191 million of financing facilities for water transmission & storage plans in Bahrain”, “US$ 95 million for power production in Senegal”, “a US$ 75 million financing line for an Islamic bank in Turkey”, “US$ 66 million of financing for power production in Syria” as well as the US$ 25 million line of financing for Bank Syariah Mandiri in Indonesia in addition to contributing to several other projects in Gambia, Mali, Sierra Leone and Lebanon. A number of technical assistance grants approved by the IDB Group President also featured on the agenda of the meeting namely; a US$ 294,000 grant for technical assistance for feasibility studies on upgrading and reconstruction of Ujar-Zardab-Agjabadi Road in the Republic of Azerbaijan as well as the US$ 312,000 grant for technical assistance for Cotton Sector Revitalization Program in Mozambique. Further, the members of the Board discussed the latest arrangements of the 36th Annual Meeting of the Board of Governors at the level of finance, economy and planning ministers from 56 IDB member countries.
Details of the 276th meeting approvals are as follows:

A) DEVELOPMENT PROJECTS 1- US$ 198 million for projects in Bangladesh (US$180 million for Bhola 225 MW Combined Cycle Power Plant Project, plus US$ 18 million for Primary Education Development Project) 2- US$191 million for Water Transmission and Storage Development Project, Bahrain 3- US$ 95 million for Power Barge Project, Senegal 4- US$ 75 million for Line of Financing for Turkey’s Finans Katlim Bankasi (TFKB), Turkey 5- US$ 66.7 million additional financing for Dier Al-Zoor Power Plant Project, Syria 6- US$ 25.2 million for 20 MW Brikama II Power Project, Gambia 7- US$ 25 million for Line of Financing for Bank Syariah Mandiri, Indonesia 8- US$ 21 million for Basic Urban Infrastructure for a Social Housing Project in Bamako, Mali 9- US$ 12 million for Kabala Water Supply Project, Sierra Leone 10- US$ 5 million for Establishment of Three Schools in Priority Areas, Lebanon.

B)GRANTS AND SPECIAL ASSISTANCE PROJECTS UNDER IDB WAQF FUND - US$ 500,000 for upgrading Four (4) hospitals in Puntland State, Somalia - US$ 430,000 for the establishment of an Islamic Educational Center, Maribor City, Slovenia. - US$ 400,000 for Establishment of Primary School in Florianopolis, Brazil - US$ 360,000 for the construction of Dormitory for the International Language Institute in the Islamic City, Ningxia Province, China - US$ 180,000 for the construction of a Primary School in Kinyinya, Mutimbuzi, Republic of Burundi - US$ 160,000 for the construction of St. Bilal School, Kakori Town, Lucknow, Uttar Pradesh State, India - US$ 150,000 for the Procurement of Workshop Equipment for Daleti Vocational Training School, Ethiopia.

C)OPERATIONS APPROVED BY THE PRESIDENT, IDB - US$ 294,000 T.A. (Grant) operation for the Feasibility Study on Upgrading and Reconstruction of Ujar-Zardab-Agjabadi, Azerbaijan. - US$ 312,000 T.A. (Grant) Financing for Cotton Sector Revitalization Program, Mozambique.