Islamic Development Bank approves $715 million of financing for development of roads, ports, housing, and SME projects

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Publication Date: 
27 March 2017
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Madinah, Kingdom of Saudi Arabia – Members of the Board of Executive Directors of the Islamic Development Bank, IsDB, in their 318th meeting which convened in Madinah Al Munawarah, approved allocation of US $714.7 million worth of financing for new development projects in member countries.

Chaired by IsDB Group President, Dr. Bandar Hajjar, the meeting wrapped up work on Monday, 27 March, 2016 with several strategic financing approvals including: US $328.5 million for “Reconstruction of Atyrau – Border of Russian Federation (Astrakhan)” project in Kazakhstan; US $300 million for phase two of the “Construction of Rural Housing” project in Uzbekistan; and US $86 million for “Expansion and Development of the Port of Tripoli” project in Lebanon. The Board Members were also informed of a US $270,000 technical assistance grant approved by the IsDB Group President for the Sultanate of Oman aimed at increasing the “Export Value of Luban and Dates.”

Furthermore, the Board Members discussed reports submitted by the Audit, Finance, and Operations Committees while reviewing the documents prepared for the upcoming 42nd Annual Meeting of the IsDB Board of Governors slated for 14-18 May, 2017 in Jeddah, Kingdom of Saudi Arabia, to be attended by Finance and Economy Ministers of 57 IsDB member countries. The IsDB Annual Report draft in addition to a number of audited financial statements of the Islamic Solidarity Fund for Development, ISFD, as well as those of a number of other Funds under the IsDB were reviewed. Reports on partnership strategies with member countries as well as the performance of the 2nd Infrastructure Fund were also reviewed by the Board.