IDB approves $141 million for member countries

07 January 1994
FINANCE

The Islamic Development Bank (IDB) approved a total of $141 million in mid-December to finance development projects and trade in member countries.

The countries receiving finance include:

Oman - $21.2 million for a power generation project (see Oman)

Indonesia - $11.87 million for a new building at its Islamic university

Guinea - $7.2 million for an agricultural scheme

Benin - $2.12 million to construct an 81-kilometre road. The IDB has so far

provided $9.32 million for this project.

Trade financing facilities include:

Turkey - $18.8 million to import medical equipment for the September 11 hospital as part of a project to expand bed capacity to 1,271 from 900. Turkey will also get $6 million to import magnetised tapes

Iran - $15 million to import steel balls

Pakistan - $15 million to import crude oil from Saudi Arabia

Morocco - $15 million to import crude oil

Algeria - $8 million to import iron rods

Tunisia - $6 million to import sulphur

Indonesia - $10 million to import shipbuilding materials.

The IDB has also approved grants worth a total of $1.3 million to Muslim communities in Ethiopia, China, India and Nigeria.

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