Islamic Development Bank approves contributions to development projects in Bangladesh, Pakistan

The Board of Executive Directors of the Islamic Development Bank (IDB) at its 307th meeting on 5 October 2015 approved US$895 million to contribute towards new development projects in IDB member countries, including Bangladesh and Pakistan. The Board also approved seven grants and special assistance packages totalling US$1.13 million under the IDB Waqf Fund for educational and vocational projects for Muslim communities in non-member countries such as India and Fiji. 

The approvals come in the context of IDB’s continued efforts to contribute to economic development and social advancement of member countries as well as Muslim communities in non-member countries.

The project approvals included US$89.3 million for the urban water supply and sanitation in 23 pourashavas (secondary towns) in Bangladesh and US$50 million for Phase I of the FATA temporary displaced persons housing project in Pakistan.