The Board of Executive Directors of The Islamic Development Bank (IDB), which concluded its 241st session, at the Bank's Headquarters in Jeddah, Saudi Arabia, approved US$ 522 million towards project financing and trade operations.

H.E. Dr. Ahmad Mohamed Ali, President, IDB, who chaired the Session, stated that the board has reviewed a progress report on the steps of establishing the Poverty Alleviation Fund, which was adopted by the third Extraordinary Islamic Summit which took place in Makkah last December.

The finances approved during this sessions comprised new development projects in Sudan, Chad, Burkina Faso, Nigeria, Iran and Palestine, he explained.

Moreover, the Board took note of eleven trade operations approved by the President between the last and current sessions in addition to a technical assistance project in favor of Iran Foreign Investment Seminar 2007 .

Details of the various project financing and trade operations approved by the Board are as follows:

1- DEVELOPMENT PROJECTS

- US$ 66 million loans for two development projects comprising US$ 14.18 million LDMC Loan finance for Omdurman University's faculty of Engineering Project, and US$ 52 million leasing finance for White Nile Sugar Project, Sudan.

- US$ 10.3 million loan finance for Construction of Massaguet ? Massakory Road Project, Chad.

- US$ 13.8 million loan finance for Samendeni Dam Project, Burkina Faso.

- US$ 20.3 million Loan finance for National Program for Food Security (NPFS), Nigeria.

- US$ 65 million for Khouzestan Steel Expansion Project, Iran.

- US$ 10 million loan finance for Enhancing Education Sector, Palestine.

2- ITEMS FROM THE WAQF FUND

- US$ 1 million for Construction of a Multi Purpose Waqf Complex for the Council of American Islamic Relations, USA.

- US$ 305,000 for Construction of Girls Hostel at Nayab Abbasi Degree College, and Expansion of Maulana Azad Vocational Training Centre, India.

- US$ 533,000 for Extension and Rehabilitation of Sayida Fatima Hospital in Mombassa, and Rehabilitation of Rural Schools in Tana River, Kenya.
- US$ 295,000 for Construction of Academic Building for Al-Hikmah University, Nigeria.

3- APPROVALS BY THE PRESIDENT
The following are approvals of Trade Operations and Technical Assistance made by the President of the Bank between the previous and present sessions of the Board:

Import Trade Financing Operations (ITFO):

- ITFO for Bangladesh in favour of the Ministry of Power, Energy and Mineral Resources for an amount of US$ 25 million to purchase Crude Oil and Petroleum Products.

- ITFO for Bangladesh in favour of the Ministry of Power, Energy and Mineral Resources for an amount of US$ 25 million to purchase Crude Oil and Petroleum Products.

- ITFO for Bangladesh in favour of the Ministry of Power, Energy and Mineral Resources for an amount of US$ 25 million to purchase Crude Oil and Petroleum Products.

- Trade Finance Operation for Bangladesh in favour of the Ministry of Power, Energy and Mineral Resources for an amount of US$ 25 million to purchase Crude Oil and Petroleum Products from Kuwait.

- Trade Finance Operation for Bangladesh in favour of the Ministry of Power, Energy and Mineral Resources for an amount of US$ 25 million to purchase Crude Oil and Petroleum Products from Kuwait.

- ITFO for the Islamic Republic of Iran in favour of Iranian Railways for an amount of US$ 25.6 million to purchase miscellaneous spare parts.

- ITFO for Kuwait in favour of Independent Petroleum Group for an amount of US$ 60 million to purchase Petroleum Products.

- ITFO for Islamic Republic of Pakistan in favour of Iranian Ministry of Petroleum and National Resources for an amount of US$ 25 million to purchase Petroleum Products.

- ITFO for Islamic Republic of Pakistan in favour of Iranian Ministry of Petroleum and National Resources for an amount of US$ 25 million to purchase Petroleum Products.

- ITFO for Tunisia in favour of Societe Tunisienne De Siderurgie for an amount of US$ 12 million to purchase Raw Materials.

- ITFO for Saudi Arabia in favour of United Sugar Company for an amount of US$ 60 million to purchase Raw Materials.

- Technical Assistance Grant for an amount of US$ 190,000 for the financing of "Iran Foreign Investment Seminar 2007".

- Subscribing to the capital of Mezan Bank in Pakistan for an amount of US$ 1.8 million.