Islamic Bank Approves $108m For Projects

The Islamic Development Bank (IDB) yesterday said it had approved financing facilities worth $107.7 million for projects in five Islamic states.

An IDB statement said the facilities include five development projects worth $63.5 million and three foreign trade operations worth $44.2 million. Bangladesh will receive $34.3 million to finance refined and crude oil imports, a water project and a textile project. Jordan will get $33 million to finance a phosphate mines project, Turkey $20 million to purchase steel scrap and Senegal $10.4 million to develop a rural project.

Guinea will receive $10 million to finance the acquisition of 10 megawatts diesel engine generator set. Based in Jeddah, the IDB was set up in 1975 to promote trade exchanges between its 102 member states.