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FinancialNews


  • 17-07-13

    Jeddah-based IDB to release USD790m for development projects

    (MENAFN) The Islamic Development Bank (IDB) has Okayed USD790 million to carry out different development projects in member countries, Arab News reported. The Jeddah-based organization's board of executive directors agreed to give USD220 million to the renewable energy program of the Development Bank of Turkey and USD200 million for an electricity project in Damietta, Egypt. The board also agreed to give USD140 million for a water project in Agadir, Morocco and USD120 million for a road project in Uganda, USD35 million loan for Pakistan to finance reconstruction of schools destroyed by the floods, USD19.8 million loan for a water supply project in Ouahigouya, Burkina Faso and USD15 million for an integrated rural development project in Yemen. The rest of the grants included USD8 million for Niassa electrification project in Mozambique, USD7 million for an energy project for rural communities in Togo, USD23.7 million to finance Mali's food program and USD200,000 to Jordan for capacity building of rural producer organizations.

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