IDB approves new projects worth $620m

(HornTrade) – The Islamic Development Bank (IDB) has approved 12 new development projects worth $620 million. The decision was taken by IDB’s Board of Executive Directors, which met in Jeddah on Saturday.

Amongst the decisions taken in the meeting was the approval of IDB Group’s membership in the International Financial Institutions Anti-Corruption Task Force (IFI Task Force) aimed at joining efforts by international institutions in combating fraud and corruption.

Some of the man projects that were approved in the board meeting are: OCP Jorf Lasfar Port Expansion project in Morocco ($200 million); Behna Combined Cycle Power Plant Project in Egypt ($120 million); and Khartoum New International Airport Project in Sudan ($150 million).

The meeting also adopted resolutions on financing of different infrastructural, educational and health projects in several other IDB member countries, such as Iran, Burkina Faso, Djibouti, Gambia, Mauritania, Uzbekistan, Guinea, Cameroon and Sudan.

Meanwhile, the meeting voted for rendering grants to six different Shariah-compliant projects through the IDB Waqf Fund ranging from expansion of an Islamic center in Argentina to building schools for Muslims in other countries including Ethiopia, Paraguay, Brazil and Ukraine.

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