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The Board of Executive Directors of the Islamic Development Bank
which concluded its 227th session at the Bank's Headquarters
in Jeddah, Saudi Arabia, on Monday approved the
implementation of around US$ 1.3 billion towards project
financing and trade operations. H.E. Dr. Ahmad Mohamed Ali,
President, IDB, who chaired the Session, stated that the
above mentioned amount was approved in favor of a number of
member countries and Muslim communities in non-member
countries towards project financing, trade operations and
special assistance. The total amount includes around US$ 122
million towards project financing, US$ 2 million for special
assistance to Muslim communities in non-member countries,
and US$ 751 million for trade operations, and around US$ 378
million towards trade operations from the Asset Management
Department (comprising the Unit Investment Fund, Islamic
Banks Portfolio and Awqaf Properties Investment Fund) etc,
in terms of approvals made by the President between the
previous and present sessions of the Board. During the
session the Board approved the 5-Year Strategic Plan of the
IDB Group and reviewed policy reports and documents
including issues raised by Governors at the 29th annual
Meeting of IDB held in Iran. The details of the new finances
are as follows:
DEVELOPMENT PROJECTS
US$ 13.8 million as loan financing for the Shagon-Zigar Road
Project (Phase-II), Tajikistan.
US$ 20.8 million as installment sale
financing for the Metrology, Standardization, Testing and
Quality Assurance Project, Indonesia.
US$ 10.2 million as loan financing
for the Sylhet Feeder Road Upgrading Project (Phase-V),
Bangladesh.
US$ 6.5 million as installment sale
financing for the Public Works Equipment for CSE, Senegal.
US$ 13 million as loan financing for
the New Nouakchott University Campus Project, Mauritania.
US$ 37.3 million as istisnaa
financing for the Ashkharah – Shanna Road Project, Oman.
US$ 19.2 million as istisnaa
financing for the Ben-Ghayadha Sebkha Development Project ,
Tunisia.
US$ 23,680 as technical assistance
financing for the Study of Integrated Management System for
Public Expenditure (IMSPE) – Morocco
US$ 150,000 as technical assistance financing for the pilot
study on simulation of desertification control in Dafor,
Oman.
ITEMS FROM THE IDB WAQF
FUND:
US$ 150,000 as grant for the
Construction and equipping of Jamia Vocational Training
Center for Women, Jampur, Uttar Pardesh State, India.
US$ 245,000 as grant for the
Construction of Pan-Asia International School in Bangkok
City,Thailand.
US$ 195,000 as grant for the
Expansion of Jowher Al-Islam Secondary School, Mandera,
North Eastern Province, Kenya.
US$ 275,000 as grant for the
Construction and equipping of a VTC for Women in Simferopol,
Cimea, Republic of Ukraine.
US$ 235,000 as grant for the
Construction of new building for Islamyya School of Health
Technology, Kaduna, Nigeria.
US$ 235,000 as grant for the
Construction of a new school building for Massawa Islamic
Institute, Massawa, Eritrea.
US$ 285,000 as grant for the
Construction of Edmonton Islamic Academy, Edmonton, Alberta,
Canada.
US$ 220,000 as grant for the
Construction of Islamia Technical School, Cape Town, South
Africa.
US$ 210,000 as grant for the Construction of High School in
Orenburg, Orenburg Province, Russian Federation.
Trade Operations from the Assets Management Department:
The Board took note of trade
operations for US$ 378.2 million approved earlier through
Unit Investment Fund, Islamic Banks Portfolio and the Awqaf
Properties Investment Fund for various trade operations.
APPROVALS BY THE PRESIDENT
The following are approvals of trade operations and technical
assistance made by the President of the Bank between the
previous and present sessions of the Board.
Import Trade Financing Operations (ITFO):
ITFO for Bangladesh for US$ 185million:
Two ITFO operations in favor of the Ministry of
Power, Energy and Mineral Resources, Government of
Bangladesh for US$ 160 million and US$ 25 million
respectively to purchase Crude Oil & Petroleum Products.
ITFO for Egypt for US$ 75 million:
Three ITFO operations each for US$ 25 million
in favor of the Ministry of Supply in the Arab Republic of
Egypt to purchase wheat.
ITFO for Iran for Euro 49 million (US$ 64
million):
ITFO for the Islamic Republic of Iran
in favor of ARJ COMPANY for Euro 5 million to purchase Raw
Materials and Spare Parts.
ITFO for the Islamic Republic of Iran
in favor of ZAM ZAM IRAN COMPANY for Euro 4 million to
purchase Raw Materials.
ITFO for the Islamic Republic of Iran
in favor of ALUMINUM PARS COMPANY for Euro 10 million to
purchase Raw Materials.
ITFO for the Islamic Republic of Iran
in favor of IRAN TIRES COMPANY for Euro 20 million to
purchase Raw Materials for Tires.
ITFO for the Islamic Republic of Iran
in favor of KHORASAN STEEL COMPANY for Euro 10 million to
purchase Raw Materials for Steel Production.
ITFO for Pakistan for US$ 200 million:
Four ITFO operations for US$ 25 million each
and one for US$ 100 million in favor of the MINISTRY OF
PETROLEUM & NATURAL RESOURCES of Pakistan to purchase Crude
Oil & Refined Petroleum Products.
ITFO for Turkey for US$ 35 million:
ITFO for the Republic of Turkey in
favor of HABAS SINAI VE TIBBI GAZLAR ISTIHSAL ENDUSTRISI A.S.
for US$ 25 million to purchase Steel & Steel Scrap.
ITFO for the Republic of Turkey in
favor of SANKO TEKSTIL ISLETMELERI SANAYI VE TICARET A.S.
for US$ 10 million to purchase Cotton.
ITFO for Tunisia for US$ 60 million:
Two ITFO operations for US$ 25
million each to purchase natural gas for the Republic of
Tunisia in favor of the SOCIETE TUNISIENNE DE L'ELECTRICITE
ET DU GAZ – STEG (MINISTRY OF INDUSTRY & ENERGY).
ITFO for the Republic of Tunisia in
favor of the SOCIETE NATIONALE DE CELLULOSE ET DE PAPIER
ALFA (SNCPA) for US$ 10 million to purchase Raw Materials &
Spare Parts
ITFO for United Arab Emirates for US$ 20 million:
ITFO for the United Arab Emirates in favor of
the FAL OIL COMPANY for US$ 20 million to purchase Petroleum
& Petroleum Products.
·
ITFO for Yemen for US$ 2 million:
Line of Import Trade Financing Operation in
favor of Tadhamon International Islamic Bank, Yemen for US$
2 million.
·
Export Financing Scheme (EFS):
·
EFS for Kuwait for US$ 60 million:
Four Export Financing Operations of Refined
Petroleum Products for US$ 15 million each from Kuwait to
Bangladesh.
·
EFS for Malaysia for US$ 30 million:
Two Export Financing Operations of Raw
Vegetable Oil for US$ 15 million each from Malaysia to Saudi
Arabia for US$ 15 million.
·
EFS for Saudi Arabia for US$ 15 million:
Export Financing Operation of Refined Petroleum
Products from Saudi Arabia to Mauritius for US$ 15 million.
·
BADEA:
·
BADEA for Tanzania for US$ 4.8 million:
BADEA Export Financing Operation for the export
of Fertilizer from Arab Countries to Tanzania for US$ 4.8
million.
·
Technical Assistance:
·
Technical Assistance (Grant) for
capacity building of the Society for Health Education (SHE),
Maldives for an amount of US$ 250,000.
The Board also discussed a number of other policy matters,
financial and administrative issues of concern to the Bank.
It also considered several follow-up reports on the progress
of work in development projects being financed by the Bank.
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List of projects during: October
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