IDB Agrees On Financing New Projects Worth USD 863 Million

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.

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.

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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)