22.11.2011, Jeddah, KSA – The 279th meeting of the Board of Executive Directors of the Islamic Development Bank which convened on Sunday at IDB headquarters in Jeddah, expressed its satisfaction over IDB’s unprecedented level of financing during 2011: with an amount of $ 4.2 Million during the year, the IDB posted its highest annual achievement in terms of project financing, excluding financings by other IDB Group entities.
The Board of Executive Directors, chaired by HE Dr Ahmad Mohamed Ali, also endorsed next year budget and operations plan which will continue to put emphasis on human development as well as agriculture and rural development, in addition to infrastructure.
In line with IDB vision for the year 2020 to become a world class organization and with the objective of improving IDB’s presence in its member countries, the Board also approved the launching of five IDB Pilot Gateway Offices in Egypt, Turkey, Indonesia, Bangladesh and Nigeria to follow up implementation of IDB projects and activities therein. If the evaluation that will be made on these offices in three years is positive, similar offices could be opened in the future in other member countries.
Various development financings were also approved at the meeting, including US$ 53 million for “IDB’s Participation in an SME Fund for the Kingdom of Saudi Arabia”; US$ 105 million for a power generation and distribution program for the city of Nouakchott in Mauritania”;US$ 4 million for a quarantine facility in Maldives and US$ 11 million for a national roads support program (phase II) in Morocco”.
The IDB Board members further passed a US$ 6.5 million proposal to “Participate in the Equity Capital of Jaiz International PLC”, Nigeria, and a US$ 5.3 million for Participation in the Capital Increase of Allied Cooperative Insurance Group (ACIG), KSA .The Board also extended various grants totaling $2.2 Million for education projects in Somalia and for Muslim communities in non-member countries (Ecuador, India, Latvia, Mauritius, Nepal), as well as for sustainable villages programs in Chad (US$ 200,000) and in West Darfur, Sudan ($310,000).
The Board was also informed of an approval given by the IDB President (as per the authority delegated to him by the Board) for US$ 50 million in the form of Mudaraba and a US$ 320,000 as T.A. grant both for a youth employment support program in Tunisia (these amounts are part of the $250 Million allocated earlier to support Arab countries that are faced with social transition).
Details of the approvals are as follows:
Projects:
- US$ 105 million for “Power Generation Transmission and Distribution Program for the City of Nouakchott”, Mauritania
- US$ 53 million for “Participation of IDB in ICD’s SME Fund for the Kingdom of Saudi Arabia”
- US$ 11 million for “Support to National rural Roads Program – Phase II – Project”, Morocco.
- US$ 6.5 million for participation in “Equity Capital of Jaiz International PLC”, Nigeria
- US$ 5.3 million for “IDB’s Participation in the Capital Increase of Allied Cooperative Insurance Group (ACIG), KSA,
- US$ 4 million for “Development of a Quarantine Facility Project in Hulhumale Island”, Maldives

Technical Assistance:
- US$ 310,000 for “ Sustainable Villages Program in West Darfur”, Sudan
- US$ 200,000 for “Sustainable Villages Program” in Chad

Operations Under IDB WAQF Fund:
- US$ 356,000 for “Establishment of a Primary School in Quito”, Ecuador
- US$ 340,000 for “Establishment of an Educational Islamic center”, Latvia
- US$ 220,000 for “Construction of Girls Secondary School”, Mauritius
- US$ 200,000 for “Expansion of Alays secondary School in Hargeisa – Somaliland”, Somalia
- US$ 160,000 for “Expansion of Ideal Public School at Nepalganj City”, Nepal
- US$ 70,000 for Completion of a Computer & Technical Education Center for Bhagyanagar Old City Welfare Organization, Hedaraba, Andra Pradesh”, India

Operations approved by the IDB President:
- US$ 50 million in Mudaraba plus US$ 0.32 million in T.A. Grant Operations for the “Youth Employment Support Program”, Tunisia