29 March 2005

The Board of Executive Directors of the Islamic Development Bank which concluded its 229th session at the Bank's Headquarters in Jeddah, Saudi Arabia, on Monday approved US$ 399.3 million towards project financing and trade operations. H.E. Dr. Ahmad Mohamed Ali, President, IDB, who chaired the Session, stated that the above mentioned amount was approved in favor of a number of member countries and Muslim communities in non-member countries towards project financing, technical assistance, trade operations and special assistance. The total amount includes more than US$ 150 million towards project financing, technical assistance and assistance to communities in non-member countries for educational projects, IDB's equity participation in one company in Oman for US$ 4.6 million, and US$ 248.7 million for trade operations (from Import Trade Financing Operations and Export Financing Scheme) and technical assistance and a project financing for Palestine.

During the session the Board also reviewed and approved several policy matters and new initiatives of the Bank. The details of the new finances are as follows:

DEVELOPMENT PROJECTS
US$ 14.6 million as istisnaa financing for the Jabal Amel Water Supply Project in Lebanon.
US$ 10.2 million as loan financing for the Faculty of Veterinary Medicine and Attached Teaching Hospital Buildings Project in Yemen.
US$ 23 million as installment sale financing for the Khartoum North Power Station Automation Project in Sudan.
US$ 9.4 million as installment sale financing for the Upgrading Air Navigation System Project in Suriname.
US$ 51.6 million as loan and istisnaa financing for the Yalova and Balu Sewerage Project in Turkey.
US$ 3.5 million as loan financing for the Micro-Finance Project to the Bank of Maldives in Maldives.
US$ 11 million as istisnaa financing for the Upgrading Nieuw Nickerie Port Project in Suriname.
US$ 14.5 million as loan financing for the Primary Education Development Project-3 in Benin.
US$ 11 million as loan financing for the Foumbane-Mamki Road Project in Cameroon.
US$ 10 million as loan financing for the Expansion of Health Facilities Project in Gambia.
US$ 4.6 million as equity participation in the equity capital increase of Raysut Cement Co, Oman.
ITEMS FROM THE IDB WAQF FUND:
US$ 237,000 as grant for the Construction of Daarul Tawheed Secondary School, Sumbawanga, Ruka Region, Tanzania.
US$ 150,000 as grant for the Establishment of an Artificial Limbs Center for the Handicapped, Mogadishu, Somalia.
US$ 251,000 as grant for the Expansion of El-Kanemi College, Maiduguri, Borno State, Nigeria.
US$ 95,000 as grant for equipping the Maternity Hospital in Ulcinj, Serbia and Montenegro.
US$ 150,000 as grant for the Construction of Primary and Vocational Training School for Azad Education Society in Miraj City, District Sangli, Maharashtra, India.
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.
Import Trade Financing Operations (ITFO):
ITFO for Bangladesh totalling US$ 100 million
ITFO in favour of Ministry of Power, Energy and Mineral Resources, Government of Bangladesh for US$ 100 million to purchase Crude Oil & Petroleum Products.
ITFO for Iran totalling US$ 36.4 million (Euro 28 million)
ITFO for the Islamic Republic of Iran in favour of IRAN KHODRO COMPANY for Euro 5 million to purchase Paint-Shop Machinery.
ITFO for the Islamic Republic of Iran in favour of ISFAHAN STEEL PUBLIC INCORPORATION (ISPI). for Euro 8 million to purchase Raw Materials.
ITFO for the Islamic Republic of Iran in favour of NAVARD ALUMINIUM MAFG. FACTORIES GRP. for Euro 15 million to purchase Raw Materials Aluminium Products Production.
ITFO for Jordan totalling US$ 7 million
Line of Import Trade Financing Operation in favour of Jordan National Bank, Jordan for US$ 7 million.
ITFO for Malaysia totalling US$ 10 million
Line of Import Trade Financing Operation in favour of BANK INDUSTRI & TEKNOLOGI MLAYSIA BERHAD, Malaysia for US$ 10 million.
ITFO for Mali totalling US$ 59.8 million (EURO 46 million)
ITFO in favour of COMPAGNIE MALIENNE pour le DEVELOPPEMENT des TEXTILES (CMDT), Mali for an amount of EURO 46 million to purchase Agricultural Inputs.
ITFO for Sudan totalling US$ 1 million
Line of Import Trade Financing Operation in favour of SUDANESE ISLAMIC BANK, Sudan for US$ 1.00 million.
Export Financing Scheme (EFS):
EFS for Indonesia totalling US$ 6.5 million
Export Financing Operation of Palm Oil from Indonesia to the Arab Republic of Egypt for US$ 6.5 million.
EFS for Kuwait totalling US$ 15 million
Export Financing Operation of Refined Petroleum Products from Kuwait to Bangladesh for US$ 15 million.
EFS for Malaysia totalling US$ 6.5 million
Export Financing Operation of Palm Oil from Malaysia to the Arab Republic of Egypt for US$ 6.5 million.
Technical Assistance and other Projects:
US$ 150,000 as TA Grant financing to Participate in Conducting a Pre-feasibility study of establishing a Railway Network between the GCC countries.
US$ 6.3 million loan ( from LDMC Special Account ) for Palestine to support some of Gaza Strip reconstruction & develoment projects. ( Repayment Period is 30 years, including 10 years as grace period) .