IDB Agrees On Financing New Projects Worth USD 863 Million

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Islamic Development Bank (IDB) Headquarters in Jeddah.

Jeddah, 26 Rabiul Awwal 1438/26 Decembe 2016 (MINA) – The Islamic Development Bank (IDB) on Sunday announced that its Board of Executive Directors agreed on financing new projects worth USD 863 million in a number of countries.

This came during a meeting of the board chaired by President of the bank Bandar Hajjar, KUNA quoted the bank as saying on a statement.

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The funding approved by the board is directed to new development projects in a number of countries, including Bahrain, UAE, Guinea, Morocco, Senegal, Togo, Djibouti, Chad, Jordan and Mali, it added.

The board endorsed some programs and plans, mainly the 2017-19 action plan estimated at USD 16 billion, it said, noting that the financial budget for 2017 worth USD 5.2 billion was also okayed during the meeting.

IDB was established in 1973 with the aim to foster the economic development and social progress of member countries and Muslim communities in accordance with the principles of Shari’ah. (T/RS05/RS01)

Mi’raj Islamic News Agency (MINA)

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