The Board of Executive Directors of the Islamic Development Bank (IDB), endorsed the formation of a monitoring team consisting experts and practitioners to study the effects of the international financial crisis on the Islamic financial industry and the economies of member countries.
The Board also approved US$ 44.67 for new development projects.
The monitoring team, which was recommended by the International Financial Crisis and its Impact on the Islamic Financial Industry Forum, organized by the Bank recently, will conduct timely follow-up on the escalation of the crisis, ensure better coordination and exchange of information within the industry, and prepare working papers reflecting the Islamic banking industry vision on the crisis
It also endorsed the Forum's recommendation to implore Central Banks in member countries to create referral bodies for the Islamic Banking Industry.
During its 255th meeting at the Headquarters under the chairmanship of H.E. Dr. Ahmad Mohamed Ali, IDB President, the Board approved three development projects in member countries in the framework of the Islamic Solidarity Fund for Development (ISFD) in Mauritania, Mozambique and Gambia, and a road project in Togo financed by IDB, in addition to grants from Waqf Fund in favor of 4 Islamic communities in nonmember countries in, India, Russian Federation and France and Philippines.
The Board was informed on the operations approved by the IDB President between the previous and present sessions, involving T.A. (Grants) for Water Collector Project in Azerbaijan and a Hydro-Agricultural Study in Mauritania.
The Board reviewed, during the session, a report on the issues raised by the IDB Governors in their addresses during the 33rd Annual Meeting of IDB Board of Governors held in Jeddah, Kingdom of Saudi Arabia last June.
It also reviewed a report on the implementation of the Ouagadougou Declaration (1424 H-1428H) which aimed to boost IDB assistance to the development of its African member countries with special focus on the Least Developed Member Countries (LDMC). Under the five year period declaration IDB sought to extend a total financing of US$ 2 billion. However, the report disclosed that the approved amounts exceeded the target by 15% up to US$ 2.3 billion involving development projects, trade operations, private sector financing, technical and special assistance in addition to funds and specialized corporations operations.
Details of project financing and trade operations approved by the Board are as follows:

DEVELOPMENT PROJECTS

* Projects Financed from IDB Resources:

 US$ 9.6 million for the construction of the Dapaong – Ponio – Burkina Border Road – Loan – Togo.

* Projects Financed in the Framework of ISFD:

 US$ 12.92 million Loan Financing for the Irrigation Development Project in R'Kiz Eastern Basin – Loan/Istisna'a – Mauritania.
 US$ 4.7 million Loan Financing for the Gunjur Water Supply Project –Gambia.
 US$ 15.49 million for Lower Secondary Education Development Project – Loan + T.A. Grant – Mozambique:

GRANTS FROM THE WAQF FUND

 US$ US$ 375,000 for the Expansion of Lanao Islamic Paramedical College, Lanao Del Sur, Autonomous Region in Muslim Mindanao, Philippines.
 US$ 150,000 for the Extension of Aligarah Modern School, Aligarah Town & District, Uttar Pradesh State, India.
 US$ 345,000 for the Construction of an Islamic Institute in Pervouralsk City, Russian Federation.
 US$ 390,000 for purchasing a Permanent Building for Al- Kindi School, Lyon, France.

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

 US$ 347,000 T.A. (Grant) for the preparation of a feasibility study for the reconstruction of Mil-Garabagh Water Collector Project – Azerbaijan.
 US$ 104,000 T.A. (Grant) for a Hydro-Agricultural Study of R'Kiz Buffer Zone – Mauritania.

TECHNICAL ASSISTANCE OPERATIONS

 US$ 412,706 Technical Assistance Grant to the Economic Cooperation Organization (ECO) for the implementation of the Transit Transport Framework Agreement (TTFA) .