Islamic Development Bank approved $ 747bn project financing.

The Islamic Development (IDB) has approved financing of projects worth $ 747 billion in various countries.The announcement follows a recent meeting of executive directors in Jeddah, chaired by IDB President Ahmed Muhammed Ali.

The projects include $ 200 million aid for Rades Electric and Gas station project in Tunis for the development of energy sector in Tunisia , projects worth $ 190 million in six Iranian cities and $ 110 million irrigation projects in Egypt aimed to increase agricultural production in rural communities.

The IDB is also providing $ 100 million to build an airport in Burkina Faso.The educational aid granted by the bank includes $ 72.5 million for development of the Lebanese University in Beirut, and $ 10 million for Arabic and French bilingual education project in Chad, the Saudi Press agency reported.

The IDB also granted $ 38 million for the rehabilitation of victims of the flood in Dakar, capital of Senegal, and $ 24 million health services in Cameroon, $ 1 million emergency aid for rehabilitation and renovation of utilities in Yemen’s Abyan governorate.

IDB also awarded five non-returnable grants from its Endowment Fund to the Muslim communities in non member countries such as Botswana, Serbia, Fiji, Tanzania and Sri Lanka.

The executive directors also decided to make some new arrangements in the Saudi Arabian Project for Distribution of Sacrificial Meat for 2013. The bank undertakes the responsibility of collecting, preserving and distributing thousands of tons of frozen meat left by Haj pilgrims every year.

The meeting also reviewed the arrangements for the celebration of the 40th founding anniversary of the bank next year.In another development, the bank president signed a financing agreement with Somalian State Minister for Foreign Affairs Muhammed Jaal to dig SR100 million worth deep wells in Somalia.

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