Jeddah, 6/1/1427H (5 Feb 2006)

"The Islamic Development Bank has earmarked US$ 1.7 billion to finance development projects and technical assistance operations in 1427H (2006)," stated the President of the Islamic Development Bank, Dr. Ahmad Mohamed Ali.

He pointed out that the IDB Board of Executive Directors recently allocated the amount from the Bank's 1427H budget in line with the Bank's five-year strategic plan (1426H-1430H)/(2005-2009).
The plan gives priority to poverty reduction and fair economic growth such as human development, agricultural development, food security and infrastructure development projects. The plan also encourages greater cooperation and a stronger financial industry in member countries.

The President further stated that the Bank is eager to carry on boosting development efforts by building infrastructure, particularly in rural areas.
Dr. Ahmad Mohamed Ali also indicated that, in the new financial year, the Bank will carry out more development projects and operations in member countries and Muslim communities in non-member countries.

In this regard, he said that the Bank will boost reconstruction efforts in Iraq, Tsunami-affected regions and the earthquake-affected areas in Pakistan, for which the Bank had already been allocated US$ 500 million, US$ 500 million and US$ 501,6 million respectively.
He also said the Bank will complete current IDB-financed projects in Afghanistan as part of the drive to reconstruct the country. "The Bank will also keep on financing development projects, plans and programmes in 18 least developed member countries in Africa as part of the IDB Board of Governors' adopted Ouagadougou Declaration, which allocated US$ 2 billion for the purpose," he declared.

The President went on to say that, now that the Bank has entered its fourth decade of existence, it will seek to fight against poverty by contributing significantly to education and vocational training, creating job opportunities, carrying out vaccinations, electrifying rural areas and promoting small-size enterprises, especially in least developed member countries.

"The next few years will be both challenging and promising not only for the Bank but also for all member countries," concluded the President.