The Board of Executive Directors of the Islamic Development Bank concluded its 210th session at Tehran, Iran, on Monday, 2 Rajab 1423H (9 September 2002) under the chairmanship of H.E. Dr. Ahmad Mohamed Ali, President, IDB who expressed deep thanks and gratitude for the leadership, Government and People of the Islamic Republic of Iran for hosting the meeting and making excellent arrangements for it.. The Board approved new finances for more than US$ 506 million in favor of a number of member and non-member countries.

According to the IDB President, the new provisions consisted of more than US$ 224 million for financing 11 development projects in 9 member countries (including one technical assistance) under various modes of financing, and US$ 350,000 as grants for financing educational projects for three Muslim communities in three non-member countries from the Waqf Fund.

The Board took note of the approvals made by the IDB President for about US$ 282 million towards Import Trade Financing Operations and Export Financing between the current and last sessions of the Board of Executive Directors. The details of the new finances are as follows:

Development Projects

US$ 14.5 million as Istisnaa financing for Post Flood Assistance to Golestan Province Water Resources Project in Iran.

US$ 26 million as installment sale and Istisnaa financing for the Shahid Madani Dam and Irrigation Network (Phase-I) Project in Iran.

US$ 32 million as installment sale financing for the Procurement of Fire Fighting and Rescue Equipment Phase-II in Malaysia.

US$ 9.2 million as loan financing for Muara Enim Integrated Area Development Project in Indonesia.

US$ 9.1 million as loan financing for Construction and equipment of district hospitals and health centers in four Provinces in Cameroon.

US$ 8.2 million as loan financing for Rural water points project in the Fromager and Savannah Regions in Cote d'Ivoire. This is the first financing for this country since it has joined the IDB becoming the 54th Member.

US$ 32.1 million as Istisnaa financing for Oued R’high Oasis Irrigation Project Phase-II in Algeria.

US$ 42.7 million as Istisnaa financing for the Expansion of Waste Water Treatment Plants of Choutrana and Sud Meliane in Tunisia.

US$ 41.2 million as Istisnaa financing for the Tetouan-Fnideq Highway Project in Morocco.

US$ 8 million as instalment sale financing for the Ghazi Barotha Electric substation in Pakistan from the savings of a previous project approved by the Board of Executive Directors.
Technical Assistance

US$ 1.5 million as Technical Assistance grant for the development program for small and medium enterprises sector in Algeria.
Special Assistance from Waqf Fund

US$ 185,000 as grant for construction of a Secondary School in Kindu town, Democratic Republic of Congo.

US$ 165,000 as grant for construction of Amin Public School, Unnao Town, Uttar Pradesh, India.

US$ 100,000 to Al-Anwar Mosque in Ethiopia to furnish three schools.

APPROVALS BY THE IDB PRESIDENT

ITFO and EFS Operations

US$ 25 million as Import Trade Co-Financing Operation for Egypt in favor of the Ministry of Supply to purchase Wheat.

US$ 10 million as ITFO for Algeria in favor of ASMIDAL to purchase Phosphoric acid.

US$ 5 million as Line of Import Trade Financing Operation in favor of AL-AHLI BANK OF QATAR, Qatar.

US$ 25 million as ITFO in favor of Ministry of Industries, Bangladesh, to purchase Fertilizer, Fertilizer raw material, Pulp and LDPE.

US$ 15 million as Line of Import Trade Financing Operation in favor of THE ARAB AFRICAN INTERNATIONAL BANK, Egypt.

US$ 25 million as ITFO in favor of SAVOLA GROUP, Saudi Arabia, to purchase Raw Vegetable Oil.

US$ 14 million as ITFO for Turkey in favor of ASSAN DEMIR VE SAC SANAYI A.S. to purchase Aluminium in T-Bar, Ingots or Slabs.

US$ 25 million as Line of Import Trade Financing Operation in favor of SOCIETE TUNISIENNE DE BANQUE (STB BANK), Tunisia.

US$ 5 million as ITFO for Tunisia in favor of SOCIETE TUNISIENNE DES INDUSTRIES DE PNEUMATIQUES to purchase Raw Materials (Carbon Black & Nylon Tissues).

US$ 25 million as ITFO for Saudi Arabia in favor of SAVOLA GROUP to purchase Raw Sugar.

US$ 10 million as ITFO for Turkey in favor of KAPTAN DEMIR CELIK ENDUSTRI VE TICAARET A.S. to purchase Iron and Steel Scrap.

US$ 25 million as ITFO to Bangladesh in favor of the Ministry of Power, Energy and Mineral Resources to purchase Crude Oil & Refined Petroleum Products.

US$ 10 million as ITFO for Tunisia in favor of SOCIETE NATIONALE DE CELLULOSE ET DE PAPIER ALFA(SNCPA) to purchase Paper Pulp, Chemical Products & Spare Parts.

US$ 25 million as ITFO for Tunisia in favor of MINISTRY OF AGRICULTURE- GOVERNMENT OF TUNISIA to purchase Wheat and Barley.

US$ 18 million as line of Export Financing Scheme in favor of AL-AHLI BANK OF KUWAIT, Kuwait.

US$ 20 million as line of Export Financing Scheme in favor of WAFA BANK, Morocco.
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.