IDB approves financing development projects with more than $566m

Through allocating more than USD 566 millions, the Islamic Development Bank (IDB) approved on Monday financing of new development projects covering energy, roads, water, petrochemical industry, training, and health sectors for a number of member countries.
At the conclusion of the 301st IDB executive members council session, the bank said in a statement that the new finances includes development projects in Egypt, Saudi Arabia, Tunisia, Lebanon, Burkina Faso, Benin, Cote d'Ivoire and Niger.
The statement noted that among the important strategic projects adopted was allocating USD 220 million to contribute to the power grid between Egypt and Saudi Arabia, and providing funding of USD 100 million for Saudi PetroRabigh Refining and Petrochemical Company to increase the company's production.
IDB board members also approved financing two road projects in Lebanon with a total amount of USD 116 million.
The second project is to provide funding totaling USD 47 million to the Republic of Benin for the development of a main road which leads to bordering areas with Burkina Faso.
The council also agreed to finance two water projects with a total amount of USD 97 million, one in Tunisia and the second in Burkina Faso.
IDB also approved the allocation of USD 15 million to the Republic of Cete d'Ivoire to contribute in a project to build and equip a school for training in modern agriculture and animal farming.
The second sum is for a fishing project in the Republic of Niger with a total amount of USD 15 million.
The Board also approved the provision of grants and aid from the bank to Muslim communities in non-member States, a total of USD 300,000 in contribution to fund educational projects in Ireland, Slovenia and Tanzania.