Finance

Finance

Islamic Development Bank approves new loan for Azerbaijan

22 October 2009 07:55 (UTC +04:00)

Baku. Nijat Mustafayev â€“ APA-Economics. At the 262nd session in Jeddah, the Board of Executive Directors of the Islamic Development Bank (IDB) has approved US$ 30.5 million for Indonesia for participation in the rehabilitation of areas affected by the earthquake that struck the Indonesian island of Sumatra recently, the total sum includes a grant of US$ 1 million for providing emergency relief to those who are affected by the earthquake.

Along the same line, an emergency grant of US$ 2.3 million was approved by the Board in favor of the victims of the devastating floods that swept through large areas in west Africa and affected more than 600,000 of the population in many African countries, particularly in Burkina Faso.

The Board approved a fixed annual grant to be allocated in the form of awards from the Bank for encouraging distinguished scientists and researchers in member countries.

The Board, in accordance with the Bank’s keenness to promote Islamic finance industry, approved US$ 3.9 million as a contribution to the paid up capital of the first Islamic commercial bank to be established in Sri Lanka.

During this session, the Board approved new finances totaling US$ 552 million for development projects in seven member countries including Albania, Jordan, Indonesia, Azerbaijan, Pakistan, Burkina Faso and Benin.

Seven grants from Waqf Fund were also approved in favor of Uganda and six Muslim communities in R. D. of Congo, Holland, Tanzania, Bosnia Herzegovina, Britain and Ethiopia.

The Board took note of the approvals made by the President of the Bank, between the previous and current sessions of the Board, in exercise of the powers conferred upon him by the Board.

Details of the Board approvals during the session are as follows:

DEVELOPMENT PROJECTS

- US$ 30 million Istisna’a financing for the Reconstruction of Secondary and Local Road Project - Albania.

- US$ 80 million for the Construction and Operation of the Electricity Station of Alqatrana (373)MW in Alqatrana town. Jordan.

- US$ 140 million Installment sale financing for the Pakistan Railways Development Project (Phase-III) - Pakistan.

- US$ 31.2 million Istisna’a financing for the Development of Medical Education & Research Centre and Two University Hospitals Project - Indonesia.

- US$ 200 million Istisna’a financing for the Janub Power Plant Project - Azerbaijan.

- US$ 9 million Loan financing for the Construction and Equipping of a Hostel for the Students of the University of Bobo-Dioulasso - Burkina Faso.

- US$ 20 million Loan financing for the Construction of Kandi - Segbana - Nigeria Border Road - Benin.

- US$ 2 million T. A (Grant) for the participation in financing of the Second 5-year Facility of the Public Enterprise Partnership of the Middle East and North Africa (PEP-MENA 2).

- US$ 3.9 million for contribution to the paid up capital of the first Islamic commercial bank in Sri Lanka, Sri Lanka.

GRANTS AND SPECIAL ASSISTANCE PROJECTS FROM WAQF FUND

- US$ 350,000 for the Construction of Hostel Building, Islamic University in Uganda, Uganda .

- US$ 350,000 for the Construction of an Educational Complex in Bukavo, Sud-Kivu, R. D. of Congo.

- US$ 380,000 for the Establishment of Educational and Cultural Centre, Rotterdam, Holland.

- US$ 300,000 for the DHI NUREYN Girls Secondary School - Southern Highland, Tanzania. - US$ 400,000 for the Extension of Dzemal Bijedic University, Mostar, Bosnia.

- US$ 390,000 for the Establishment of the Maqam Center, London, United Kingdom.

- US$ 268,000 for Ethiopia Program: Expansion of Woldiya Salem School, Woldiya Town, Amhara Region, Ethiopia.

TECHNICAL ASSISTANCE PROJECTS

The following projects were approved by IDB, President between the last and current sessions of the Board:

- US$ 310,000 T.A (Grant) for Research Study on Enhancement of Carbon Sequestration Through Reforestation , Indonesia.

- US$ 310,000 T.A (Grant) for the Rehabilitation and Modernization of Bartogay Water Reservoir and Greater Almaty Canal , Kazakhstan.