Thursday, 12 November 2015

IDB approves new financing for projects around the world

The 308th meeting of the Members of the Board of Executive Directors (BED) of the Islamic Development Bank (IDB) has resulted in approvals for US$593.5 million of new financing for development projects in countries such as Kazakhstan and Turkey. 

US$478,000 was also approved in grants from the IDB Waqf Fund for three educational and vocational projects to benefit Muslim communities in three non-member countries, including Singapore.
The approved financing includes US$249.5 million towards the rehabilitation of irrigation and drainage in Kazakhstan aimed at enhancing agriculture and reducing the import of foodstuffs. Other financing approved include US$59 million as extra funding for an electric locomotive project (2TU-0148) project in Turkey, which brings the total financing for this project to a total of US$278.9 million.