Jeddah : Tuesday, April 11, 2006

The Board of Executive Directors of the Islamic Development Bank, which concluded its 237th session at the Bank's Headquarters in Jeddah, Saudi Arabia, on Monday 10/4/2006 after two days of deliberations, approved an amount totalling US$ 356 million for project financing and trade operations

H.E. Dr Ahmed Mohammed Ali, IDB President, who chaired the session stated that the Board approvals included new development projects in Indonesia, Lebanon, Niger and Morocco. The Board approved assistance grants to five Muslim Communities in non member countries in India, USA, Malawi, Mauritius and Russia, in addition to educational grants to Afghanistan, Tajikistan and Somalia.

During the course of the deliberations, the Board reviewed a concept paper on the implementation of the Makkah Summit resolution on the establishment of a Poverty Alleviation Fund within the IDB, the Draft Annual Report of IDB 1426H (2005-2006), and a progress report on the implementation of the Ouagadougou Declaration on enhancing cooperation among member countries in Africa. The Ouagadougou Declaration is a programme that gives top priority to technical education projects and vocational training for member countries in Africa to help alleviate poverty. The Board was informed that the articles of the agreement of the International Islamic Trade Finance Corporation (ITFC) have been approved by circulation by IDB Governors, and it would be signed during the IDB annual meeting in Kuwait on 30-31 May 2006.

"The Board also looked into a report on enhancing the role of private sector and financial institutions in member countries in the fields of intra-trade, intra-investment and joint ventures." Dr. Ahmad Ali added.

Details of the various project financing and trade operations approved by the Board are as follows:

DEVELOPMENT PROJECTS

US$ 35.5 Istisna'a and Installment finance for reconstruction of IAIN Ar- Rniry University in Aceh (under IDB Tsunami Emergency Assistance Programme, Indonesia.
US$ 32.6 million Istisna'a and Installment finance for North Sumatra University Hospital Project, Indonesia.
US$ 42 million Istisana'a finance to the Lebanese University for the construction of Engineering and Fine Arts Faculties - Tripoli Campus, Lebanon.
US$ 3.6 million supplementary loan finance for the Goure- Djajiri Road reconstruction project, Niger.
US$ 56.35 million loan and Istisna'a finance for the Rural Electrification Project for 13 Provinces, Morocco.
US$ 24.2 million Istisna'a (additional finance) for Mohammedia Thermal Power Plant Upgrade Project. Morocco.
GRANTS AND SPECIAL ASSISTANCE PROJECTS FROM WAQF FUND

US$ 140,000 for participation in the construction of a Primary and Secondary School for girls in Diamond Harbour City, South Parganas Dist. West Bengal, India.
US$ 295,000 for participation in construction of Crescent Academy International, Canton, Michigan, USA.
US$ 278,000 for participation in the construction of a Vocational Training Center, Kismaayo, Somalia.
US$ 280.000 for participation in digging of Water Wells in drought stricken areas, Malawi.
US$ 159,000 for participation in the construction of Imam Tirmizi University, Dushanbe, Tajikistan.
US$ 220,000 for participation in the expansion of Darul Maarif School Curepipe, Mauritius.
US$ 358,000 million for participation in the construction of Islamic Institute in Nizhniy Novgorod City, Russian Federation.
US$ 360,000 additional grant to cover the over costs of the construction of the Women's Dormitory Projects, Afghanistan.
APPROVALS BY THE PRESIDENT
The following are approvals of Trade Operations and Technical Assistance made by the President of the Bank between the previous and present sessions of the Board:
1- Import Trade Financing Operations (ITFO):

ITFO for Bangladesh for an amount of US$ 50 million to purchase crude oil and petroleum products.
ITFO for Bangladesh for an amount of US$ 125 million (Syndicated Murabaha) to purchase crude oil and petroleum products.
ITFO for Bahrain for an amount of US$ 25 million to purchase raw materials and spare parts.
ITFO for Burkina Faso for an amount of US$ 36 million to purchase agricultural plants.
ITFO for Iran for an amount of US$ 6 million to purchase raw materials and spare parts for the production of household appliances.
ITFO for (Savola Company), Saudi Arabia , for an amount of US$ 25 million to purchase raw materials.
ITFO for Tunisia for an amount of US$ 10 million to purchase raw materials and spare parts.
ITFO for Turkey for an amount of US$ 10 million to purchase palm oil.
ITFO for Turkey for an amount of US$ 10 million to purchase raw materials.
2- Technical Assistance

US$ 284.000 Technical Assistance Grant for strengthening the institutional capacity of the Ministry of Secondary and Higher Education, Research and Technology (MSHRT), Niger.
US$ 1.4 million LDMC Loan for Literacy Development Project, Mauritania.