US$ 522 million from IDB for new development projects
ASTANA. October 21. KAZINFORM. The Board of Executive Directors of the Islamic Development Bank (IDB), which concluded its 262nd session at IDB headquarters in Jeddah under the chairmanship of H.E. Dr. Ahmad Mohamed Ali, President of the Bank, approved US$ 30.5 million for Indonesia for participation in the rehabilitation of areas affected by the earthquake that struck the Indonesian island of Sumatra recently, the total sum includes a grant of US$ 1 million for providing emergency relief to those who are affected by the earthquake; Kazinform refers to the IDB's press service. Along the same line, an emergency grant of US$ 2.3 million was approved by the Board in favor of the victims of the devastating floods that swept through large areas in west Africa and affected more than (600) thousand of the population in many African countries, particularly in Burkina Faso. Moreover, the Board approved a fixed annual grant to be allocated in the form of awards from the Bank for encouraging distinguished scientists and researchers in member countries. The Board, in accordance with the Bank's keenness to promote Islamic finance industry, approved some US$ (3.9) million as a contribution to the paid up capital of the first Islamic commercial bank to be established in Sri Lanka. The Board also approved new finances totaling US$ 522 million for development projects in seven member countries including Albania, Jordan, Indonesia, Azerbaijan, Pakistan Burkina Faso and Benin , Seven grants from Waqf Fund was also approved in favor of Uganda and six Muslim communities in R. D. of Congo, Holland, Tanzania, Bosnia Herzegovina, Britain and Ethiopia. The Board also took note of the approvals made by the President of the Bank, between the previous and current sessions of the Board, in exercise of the powers conferred upon him by the Board.