Jeddah 28/11/2005

The Board of Executive Directors of The Islamic Development Bank, which concluded its 234th session at the Bank's Headquarters in Jeddah, Saudi Arabia, on 28/11/2005 after two days of deliberations, approved more than US$ 942,8 million towards project financing and trade operations.

H.E. Dr. Ahmad Mohamed Ali, President, IDB, who chaired the Session, stated that the Board has almost doubled the prefixed urgent assistance amount allocated to Pakistan from US$ 251.6 to US$ 501.6 for participation in the reconstruction of the areas hit by the earthquake in Pakistan and Azad Kashmir.

He explained that 234th session has corresponded with the 10th anniversary of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), which is representing the Bank's vehicle for participation in promoting exports in member countries and paving their way to international markets, and encouraging the inflow of foreign investments by providing prerequisite guarantees.

He added that the ICIEC has succeeded in the last ten years in expanding its insurance coverage for more than 200 exporting companies, banks and investors in member countries with whole approved operations, for the 10 years of its existence, totaling more than US$ 2 billion. Worth mentioning, the Bank has celebrated on the 27th of November at its headquarters in Jeddah the 10th anniversary of ICIEC. The occasion was attended by H.E. SAMA Governor Mr. Hamad Al Sayari and many other concerned bodies. In the occasion the Bank honored the BED members who concluded their terms on the Board, and wished all the best to the members who have newly joined the Board.

For the current approvals by the Board of Executive Directors the IDB President announced that the US$ 942,8 amount which approved by BED, including the Urgent Assistance for Pakistan, has covered the Bank's participation in financing new development programs in many member countries, namely, Uzbekistan, , Syria, Bahrain, Mauritania and Sudan. It also included trade finance to member countries, US$ 24 million for Capacity Building in member countries and donations and grants in favor of some Islamic societies in nonmember countries for educational projects.

DEVELOPMENT PROJECTS

US$ 10.3 million loan financing for Construction and equipping of 13 Secondary Schools. Uzbekistan.
US$ 115.3 million leasing financing for Dier Ali Combined Cycle Power Project, Syria.
US$ 77 million leasing financing for Transmission of Al-Hidd Power and Water Station (Phase3), Bahrain.
US$ 4.9 million loan financing for Rehabilitation of the Irrigation Project in Maghama 3, Mauritania.
US$ 5.8 million supplementary financing for Elkhuei – Ennohoud Road Project, Sudan.

GRANTS AND SPECIAL ASSISTANCE PROJECTS FROM WAQF FUND

US$ 174,000 for participation in the construction of a Hostel at Al- Irfan Secondary School for Jama'iat Falah El-Aam Trust, Khuldabad, Aurangabad, Maharashtra, India,.
US$ 339,000 for participation in Purchasing Permanent Building for Ibn Rushd High School in Lille. France.
US$ 180,000 for participation in Construction of a School and Primary Health Center in Kayanza, Republic of Burundi.
US$ 200,000 for participation in Completion of Phase 1 of Al- Furgan National College, Addis Ababa, Ethiopia.
US$ 250,000 for participation in Renovation and Equipping of Andalusia School Building for the Bronx Muslim Center, Yonkers, New York, USA.
US$ 232,000 for participation in an Educational and Medical Complex. Kigali, Republic of Rwanda.

APPROVALS BY THE PRESIDENT
The following are approvals of trade operations and project financing made by the President of the Bank between the previous and present sessions of the Board.

Import Trade Financing Operations (ITFO):

ITFO for Mali for US$ 11,7 million

ITFO for the republic of Mali for an amount of US$ 11,7 million to purchase Basic Food Items.
ITFO for Lebanon for US$ 100.00 million
ITFO for the republic of Lebanon for an amount of US$ 100 million to purchase Petroleum Products.
Export Financing Scheme (EFS)

Export Financing Operations of Refined Petroleum Products importation from Kuwait to Bangladesh for US$ 40 million.
Export Financing Operations of Refined Petroleum Products importation from Kuwait to Pakistan for US$ 25 million.
Export Financing Operations of Raw Vegetable Oil from Malaysia to Safola Company, Saudi Arabia , for US$ 25 million.

Technical Assistance

US$ 262,000 as Technical Assistance grant for a Study of Water Resources Assessment, Development and Utilization in Wadi- El – Ger, Yemen.
US$ 146,000 as Technical Assistance grant for purchasing Research equipments for Gulam Khan Institute for Engineering and Technology, Pakistan.
US$ 248,000 for strengthening the Capacity of Ministry of Finance, Kyrgyz.
US$ 200,000 as Technical Assistance grant for Restructuring the General Secretariat of the Gulf Cooperation Council (GCC), Riyadh – KSA.