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IDB Board of Directors Approve Nearly US $895 million for New Development Projects

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Alisar Ali -neprassnews 
Jeddah, KSA, 05.10.2015 – The Board of Executive Directors of the Islamic Development Bank (IDB) at its 307th meeting that ended on Monday, 5 October 2015, approved nearly US $ 895 million to contribute towards new development projects in IDB member countries, namely; Togo, Benin, Chad, Bangladesh, Burkina Faso, Guinea, Côte d’Ivoire, Pakistan, Suriname, and Cameroon. The Board also approved seven grants and special assistance packages totaling US $1.130 million under the IDB Waqf Fund for educational and vocational projects for Muslim communities in non-member countries such as Burundi, India, Fiji, Mauritius, Montenegro, Panama, and the UK. The approvals come in the context of IDB’s continued efforts to contribute to economic development and social advancement of member countries as well as Muslim communities in non-member countries.

The Board which met under the chairmanship of IDB President, Dr. Ahmad Mohamed Ali, took a number of decisions and reviewed major reports on the IDB Group’s 10 year strategy, the Three-year operation plan for 2016-18, the report on financing the private sector in the framework of sovereign guarantees, as well as the IDB Group Chairman’s proposed program for the next five years (2016-2020).

The project approvals included: “US $197.3 million for Togo for ‘Construction of Aouda–Kara Road’, ‘Mango-Dapaong Transmission Line and Distribution Network’, and ‘Basic Education Development’ projects”; “US $164.3 million for contribution to financing of ‘Polytechnic University of Abomey’ and ‘Agriculture University of Ketou’ projects in Benin”; “US $151 million for construction of the Abeche-Abougoulem section of the Abeche-Abougoulem-Sudan Border Road in Chad”; “US $89.3 million for the Urban Water Supply and Sanitation in 23 Pourshava Project in Bangladesh”; “US $72.3 million for ‘Construction of Guiba-Garango Road’ and ‘Pensa-Liptougou Agricultural Development’ projects in Burkina Faso”; “US $67 million for ‘Installment Sale Additional Financing for Rehabilitation of Tombo 5 Power Plant’, and ‘Phase II of the Rehabilitation and Expansion of the Conakry Electricity Distribution Network’ projects in Guinea”; “US $56 million for Expanding Girls’ Access to Secondary Education Project in Côte d’Ivoire”; “US $50 million for Phase I of the Fata Temporary Displaced Persons Housing Project in Pakistan”; “US $30.8 million for the Secondary and Technical Education Project in Surinam”; and “US $15.7 million for support to Maternal, Newborn and Child Health Project in Cameroon”.
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