Putrajaya, 16/5/1426H (23/6/2005 G)

The Board of Executive Directors of the Islamic Development Bank held its 231st session in the Putrajaya International Convention Centre in the city of Putrajaya in Malaysia, under the chairmanship of Dr. Ahmed Mohamed Ali, President of the Bank, who in an address at the opening session of the meeting, expressed his gratitude to the Government and the People of Malaysia for hosting the annual meeting of the Islamic Development Bank Group which brings together the ministers of Economy, Finance & Planning in the member States in the city of Putrajaya (the new capital city of Malaysia), he also expressed the Bank’s appreciation for the great facilities and the cooperation shown by all Malaysian officials, he also commended the interest shown by the Government of Malaysia in the Annual meeting of the Islamic Development Bank Group. His Excellency commended the good cooperation that exists between the Bank and Malaysia and expressed deep appreciation for the warm welcome and generous hospitality and the excellent arrangements made by the Malaysia authorities to contribute to the success to the success of this session. The IDP president appreciated the positive response to the recent Sukuk issue of US$500 million. He also welcomed the remarkably improved performance of the IDB Infrastructure Fund. He applauded Malaysia’s initiative to transfer palm oil processing technology to Sierra Leone, in line with cooperation among member countries (South-South Cooperation). During this session, the Board approved new financings amounting to (437) million US dollars, including (51.5) million US dollars to Malaysia to help finance two educational projects, the financings also include grants from the IDB Waqf Fund to support six Islamic communities in non-member States under the efforts constantly made by the Bank to contribute in the economic growth and social development in the member-States and the Islamic communities in non-member countries. The 231st session of the Board of Executive Directors will remain open until the closing of the Annual Meeting of the Board of Governors of the Islamic Development Bank Group. Here is the detail of the financing that were approved during this session :

1. Development projects:

23 million US dollars to Malaysia to contribute in the Expansion of the University of Malaysia Sabah (UMS) Phase 2.

28.5 million US dollars to the Malaysia to contribute in the Expansion of the University of Malaysia Sabah (UMS) Phase 3.

17.1 million US dollars to the Republic of Gambia to contribute in the financing of Brikama Power Station Project, including a Loan for 6.2 million US dollars and a leasing transaction in the amount of 10.9 million US dollars.

3.6 million US dollars loan to the Republic of Guinea from the special account of the Least Developed Countries to contribute in the reconstruction of Social Infrastructures along the southern borders.

1.07 million US dollars loan to the Republic of Sierra Leone from the special account of the Least Developed Countries to contribute in the project on Capacity Building for Palm Oil Production and Processing, and Technical Assistance Grant for 440 thousand US dollars for the same project.

6 million US dollars loan to the Islamic Republic of Mauritania to contribute in the Agricultural Development project in West Brakna.

106.2 million US dollars to the Kingdom of Morocco to contribute in the construction of Marrakech-Agadir Highway project (Istisna’a).

9 million US dollars loan to the Kingdom of Jordan to contribute in the construction of a Children Hospital.

37.6 million US dollars to the Islamic Republic of Iran to contribute in the Expansion of Bandar Abbas Shipyard Project (Istisna’a).

10.5 million US dollars to the Republic of Tajikistan to contribute in the Construction and Equipping of Dangara General Hospital.

2. Technical assistance projects:

750 million US dollars to the Republic of Niger including a 300 000 US dollars loan, and the remainder (450 000 US dollars) as a grant, to build the Diffa-Nguigmi-Chad Border Road.

3. Items from the IDB Waqf Fund:

150 000 US Dollars grant for the construction of Industrial Training Institute for Iqra Education Society, Jalgoan, Maharashtra State, India

245 000 US Dollars grant for the construction of Qiblatain Secondary School, Dar Es Salam, Tanzania.

150 000 US dollars grant to assist in the construction of Maulana Abul Kalam Azad Vocational Training Institution in Hallyan, Howrah, West Bengal, India.

1 million US dollars for the Islamic Association in the State of Massachusetts, USA, Boston Cultural Centre in Cambridge, Mass. USA, including a 250 000 US dollars grant, and the remainder, 750 000 US dollars loan to contribute in the construction of the Boston Cultural Centre in Cambridge, Mass. USA.

85 000 US dollars for the extension and equipping of the First Bosniak High School in Bosnia and Herzegovina so that it can cater for more students.

288 000 US dollars participation in the extension of Regina Huda School in Regina, Canada, so that it can cater for more students.
4. Items approved by the President of IDB:

1. Import trade financing Operations

Import trade financing in favor of Aluminum Bahrain for an amount of US$ 25 million to Purchase Raw Materials and Spare Parts.

Import trade financing in favor of Ministry of Power, Energy and Mineral Ressources of the Government of Bangladesh for an amount of US$ 25 million for the puchase of crude oil and oil products from member-states.

Two Import trade financing operations in favor of the Arab Republic of Egypt for an amount of US$ 50 million :
25 million to the Ministry of Supply for the puchase of wheat,
25 million to the Ministry of Petroleum for the financing of imports of crude oil and oil products from member-states.

Financing of imports in favor of SAIPA DIESEL COMPANY of the Islamic Republic of Iran for an amount of US$ 26 million for the puchase of spare parts.

participation in AMD’s syndicated Mourabaha Operation for Saudi Arabia in favor of Ahamad Hamad Algosaibi & Brothers for an amount of US$ 10 million for the purchase of sugar, aluminum and timber from member states of the Bank.

Financing operation for the Republic of Sudan in favor of the Ministry of Agriculture and Forestry for an amount of US$ 30 million for the puchase of agricultural inputs from member states of the Bank.

Co-Financing operation for the Republic of Tunisia in favor of SOCETE TUNISIENNE DE SIDERURGIE EL FOULADH for an amount of US$ 10 million for the puchase of raw materials from member states of the Bank.
2. Export financing Scheme

Export Financing operation of agricultural inputs from Saudi Arabia to the Republic of Sudan for US$ 6 million

Under the Export Financing Scheme managed by IDB for BADEA (Banque Arabe pour le Developpement Economique en Afrique) the bank approved the Export Financing Operation for the export of petroleum products from Arab countries to the Republic of Mauritius for US$ 9.7 million
3. Technical Assistance

Technical assistance in the form of a grant for the amount of US$ 270 000 in favor of the Republic of Tunisia for the purchase of equipment for the physically disabled, expert services and training for capacity building project for the Vocational Centre for Disabled.

The project aims at developing vocational skills of the disabled in order to facilitate their insertion in the economic and social environment and enhance their self-reliance and boost their vocational skills.