IsDB Approves $495M in Financing, Technical Assistance Grant

A small class takes place in Burkina Faso. The Islamic Development Bank will finance various projects in the country worth $23 million. Photo by: IsDB

The Islamic Development Bank has approved nearly $495 million for funding new development projects in member countries and Muslim communities worldwide. Financing for these projects were cleared after the board of executive directors’ 277th meeting in Jeddah, Saudi Arabia.

Details of the projects and allocations are as follows:

  • $1 million urgent relief for Somalia’s drought victims.

  • $200 million for the South Helwan Power Plant Project in Egypt.

  • $200 million for the Ashungahj Power Station Efficiency Improvement Project in Bangladesh.

  • Various projects in Lebanon ($37.2 million), Burkina Faso ($23 million), Cameroon ($16.4 million) and Senegal ($15.6 million).

  • Educational and health services for Muslim communities in Canada ($300,000), Central African Republic ($240,000), India ($250,000), Rwanda ($240,000) and Serbia ($250,000) under IDB’s Waqf fund.

  • $300,000 technical assistance grant for Al-Azhar University’s Arabic teaching center for non-native speakers in Cairo, Egypt.

IsDB’s board of executive directors meets every two months to discuss projects that will be given financing and technical assistance.

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