LOC17:03
14:03 GMT
JEDDAH, March 29 (KUNA) -- Islamic Development Bank (IDB) announced, on Tuesday, that it will contribute USD 1.1 million to fund new development projects in IDB member countries and Muslim communities in non-member countries.
This announcement was made during the 311st meeting of IDB Board of Executive Directors which was chaired by its chief Dr. Ahmad Mohamed Ali Al-Madani.
These projects are: development of higher education institutions and power grid enhancement projects in Indonesia, construction of transmission line in Niger, construction of road project in Mali, livestock and markets and infrastructure development project in Cameroon, water supply project in Oman, and integrated agricultural development in Tunisia.
The board members also approved a suggestion to provide the Malaysian markets of USD 99.2 million (MYR 400 million) of Sukuk from April through May, 2016.
In addition, they reviewed several documents, including the Bank's upgraded 10-year strategy, the updated 40th Annual Report of the IDB Group, and the report on the IDB Group Joint Forum held on 15th February, 2016, as well as the latest development effectiveness report of the IDB Group. (end)
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