IDB Board of Directors approve US $895 million for new development projects

Jeddah, KSA, 06.10.2015 – The IDB Board of Executive Directors at its 307th meeting that ended on Monday, 5 October 2015, approved US $895 million to contribute towards new development projects in IDB member countries, namely; Togo, Benin, Chad, Bangladesh, Burkina Faso, Guinea, Côte d'Ivoire, Pakistan, Suriname, and Cameroon. The Board also approved seven grants and special assistance packages totaling US $1.13 million under the IDB Waqf Fund for educational and vocational projects for Muslim communities in non-member countries such as Burundi, India, Fiji, Mauritius, Montenegro, Panama, and the UK. The approvals come in the context of IDB's continued efforts to contribute to economic development and social advancement of member countries as well as Muslim communities in non-member countries.
The Board which met under the chairmanship of IDB President, Dr. Ahmad Mohamed Ali, took a number of decisions and reviewed major reports on the IDB Group's 10 year strategy, the three-year operations plan for 2016-18, the report on financing the private sector in the framework of sovereign guarantees, as well as the IDB Group Chairman's proposed program for the next five years (2016-2020).
The project approvals included: US $197.3 million for Togo for the construction of Aouda–Kara road, Mango-Dapaong transmission line and distribution network, and basic education development projects; US $164.3 million for contribution to financing of the Polytechnic University of Abomey and Agriculture University of Ketou projects in Benin; US $151 million for the construction of the Abeche-Abougoulem section of the Abeche-Abougoulem-Sudan border road in Chad; US $89.3 million for the urban water supply and sanitation in 23 Pourshava project in Bangladesh; US $72.3 million for the construction of Guiba-Garango road and Pensa-Liptougou agricultural development projects in Burkina Faso; US $67 million for installment sale additional financing for rehabilitation of Tombo 5 power plant, and Phase II of the rehabilitation and expansion of the Conakry electricity distribution network projects in Guinea; US $56 million for expanding girls' access to the secondary education project in Côte d'Ivoire; US $50 million for Phase I of the FATA temporary displaced persons housing project in Pakistan; US $30.8 million for the secondary and technical education project in Surinam; and US $15.7 million for support to maternal, newborn and child health project in Cameroon.