IDB Approves around US$ 77 Million for Funding New Development Projects

Jeddah, KSA, 29 July, 2015 – The 306th meeting of the Board of Executive Directors of the Islamic Development Bank (IDB) held at its headquarters in Jeddah, KSA, during the week under the chairmanship of IDB President, Dr. Ahmad Mohamed Ali, approved US$ 76.6 million for funding new development projects in member countries as well as for Muslim communities in non-member countries. During the meeting, the Board also reviewed a number of IDB's programs, policies and future plans.

The Board approved US$ 40.4 million for two water projects in Cameroon and Kyrgyzstan as well as US$ 21.2 million for financing the "Animal Resources Development Project in Western Sahel Project” in Mali. Other approvals included: US$ 13.7 million for "Vocational Training School for Agriculture, Livestock and Fisheries Project in Zouan-Hounien” in Cote d'Ivoire, around US$ 1.3 million as grants to support educational efforts in Muslim Communities in non-member countries namely: Belgium, Burundi, Turkish Republic of Northern Cyprus, Ethiopia, India, Rwanda and the United Kingdom.

The Board reviewed a number of reports during the session including a report on IDB Group 10-Year Strategy Progress; a report on Member Countries' Partnership Strategy (MCPS) at Group level, as well as one on Administrative and Organizational Arrangements made for the 40th Annual Meeting of the IDB Group held in Maputo, Mozambique, last June. On that occasion, the Board expressed its appreciation and gratitude to Mozambique for the support extended during the Annual Meeting, thus ensuring its full success.