The Board of Executive Directors of the Islamic Development Bank (IDB), which held its 268th session in Baku, Azerbaijan, under the chairmanship of H.E. Dr. Ahmad Mohamed Ali, IDB President approved US$ 241.4 million for new projects in favor of member countries and Muslim communities in nonmember countries.,
The Board’s approvals included new development projects in member countries i.e., Chad, Iran, Mali, Senegal, Burkina Faso , Sierra Leone, Togo, Lebanon, Niger and Regional Technical Assistance Grant for youth employment in the Arab World (Engaging the Private Education Sector).
It also approved T.A. Grants from Wagf Fund for projects for Muslim communities in Burundi, Ethiopia, Ghana, India, Sweden and Netherlands, and took note of approvals made by President, IDB during the past and previous sessions of the Board.
A progress report on IDB partnership with member countries was reviewed during the meeting, including IDB consultation with member countries aiming at developing partnership agreements with each member country focusing on the country’s top priorities. In the same vein, the Board commended the partnership agreement signed, lately, ,between IDB and Turkey as a good model which can be replicated with other member countries.
H.E. Dr Ahmad Mohamed Ali stated that the Board was informed on three Emergency Relief Assistance approved by the President to the tune of US$ 3.4 million to participate in relief efforts to assist victims of floods in Tajikistan, ethnic violence in Kyrgyzstan and food crisis in Niger.
He added that out of the BED keenness to bolster Islamic banking it agreed to the IDB to exercise the preemptive right in the equity capital increase of the Kuwait Turkish Participation Bank (KTPB), Turkey.
“ The Board reviewed many reports including Status Report on subscription to the 4th General Capital Increase of the Bank, IDB Reform, and the implementation of Jeddah Declaration which was issued by IDB BOG in its meeting in Jeddah in June 2008 under which the Bank slated US$ 1.5 billion to assist the Least Developed Member Countries in confronting the international food crisis” Dr. Ali said.
The BED, which convened on the sidelines of the 35th Annual Meeting of the Board of Governors of the IDB expressed, at the commencement of its meetings, its sincere thanks and heartfelt appreciation to the President of Azerbaijan and the Azeri Government and people for their generous initiative for hosting the 35TH Annual Meeting of IDB Board of Governors. It also extended its profound gratitude to the people of Azerbaijan for the warm welcome and hospitality received by the Bank’s delegations in the run up to the Annual Meeting.
Details of the Board approvals and items for information reviewed during the session are as follows:
US$ 51.6 million Istisna’a financing for the Mongo-Mangalme Road Project – Chad.
US$ 69.3 million Istisna’a financing for the Khomrood Coal Mining (KCM) Project – Iran.
US$ 16 million Loan financing for the Kalabancoro Water Supply Project – Mali.
US$ 14.4 million Istisna’a financing for Construction of the Linguere-Matam Road Project (Boula-Patouki Road Section ~ 55 km) – Senegal.
US$ 16.5 million Istisna’a + Loan + T.A. Grant financing for the Integrated Rural Development Project in the Central Plateau Region – Burkina Faso.
US$ 9.2 million Loan + Istisna’a + T.A. Grant financing for the Palm Oil Production Project in the Framework of the Capacity Building Initiative – Sierra Leone.
US$ 10.4 million Loan financing for the Integrated Rural Development Project of MO Plain – Togo.
US$ 27 million Istisna’a + T.A. Grant financing for the West Bekaa Waste Water Project (Phase-II) – Lebanon.
US$ 4.2 million Loan + T.A. Grant financing for the Vocational Literacy Program for Poverty Reduction (VOLIP) - Niger.
US$ US$ 1 million Technical Assistance Grant for youth employment in the Arab World (Engaging the Private Education Sector) – Regional.
THE ISLAMIC FINANCIAL SERVICES INDUSTRY DEPARTMENT
The Board approved for IDB to exercise preemptive rights in the equity capital increase as follows:
US$ 18.2 million for exercising preemptive rights in the equity capital increase of Kuwait Turkish Participation Bank (KTPB), Turkey.
GRANTS AND SPECIAL ASSISTANCE PROJECTS FROM WAQF FUND
US$ 342,000 for the Construction and rehabilitation of Primary and Secondary Schools in different areas in Burundi- Burundi.
US$ 302,000 for the Construction of a Children Village in Wolkite Town, SNNPR Region, Ethiopia .
US$ 300,000 for the Construction of Al-Rayan International School in Accra, Ghana.
US$ 150,000 for the Construction and equipping a Vocational Training Center, Amaipur, West Bengal State, India.
US$ 450,000 for the Expansion of Al-Salam School in Orebro, Swede.
US$ I.5 million Grant and Loan financing for participating in the purchasing of a building for Islamic University of Rotterdam, Rotterdam, Netherland (Grant US$ 500,000 and Loan US$ 1 million).
APPROVALS BY THE PRESIDENT
The following approval was made by the President of the Bank between the previous and present sessions of the Board:
US$ 304 T.A. Grant for the feasibility study of the development of 2,000 ha of irrigated land in the irrigation perimeters of Diadian and Singo, Mali.
US$ 300 T.A. Grant under the Rural Income and Employment Enhancement Project, Uganda (UG-0065).
US$ 200,000 Emergency Relief Assistance for the victims of the ethnic violence/ humanitarian crisis in Kyrgyzstan.
US$ 200,000 Emergency Relief Assistance for the victims of floods in east Khatlon. Tajikistan.
US$ 3 million Emergency Relief Assistance for reliving food crisis in Niger.