Ahmad Mohammed Ali, President, IDB who chaired the 251st session of the Board at the Bank’s Headquarters in Jeddah, Saudi Arabia, commended the productive findings of the Consultative Meeting which was held simultaneously with the meeting of the BED aimed at generating opinions and insight on developing the Bank’s Group. He extended his thanks and appreciations to H.E. Dr. Ibrahim Bin Abdul Aziz Al Assaf, Minister of Finance, IDB Governor for the Kingdom of Saudi Arabia, for his thoughtful and prudent delivery in the meeting. He also commended the contributions of the former and current members of the Board of Executive Directors, and former and current IDB Vice Presidents during the meeting.

The Board approved in its session US$ 1.6 million for the Islamic Financial Sector Technical Support Program (IFS-TSP) to help develop and integrate the Islamic Financial Services. It also approved to raise up the the Line of Finance extended by IDB to the Waqf Fund to stand at US$ 50 million.

Details of the Board approvals and items for information reviewed during the session are as follows:

DEVELOPMENT PROJECTS

*US$ 121.44 million Instalment Sale for the Abadan Combined Cycle Power Plant Project, Islamic Republic of Iran
*US$ 93 million Istisna’a financing for the Reconstruction of Rural Infrastructure for Victims of the Earthquake in Shangla and Kohistan Districts – under the IDB Earthquake Assistance Package to Pakistan, Pakistan.
*US$ 15 million Second Line of Financing to National Bank of Uzbekistan – Uzbekistan.
*US$ 50 million Loan financing and Instalment Sale for the Construction of Kandadji Dam Project, Niger.
*US$ 37.3 million Istisna’a financing for the Upgrading and Expansion of Abidjan International Airport Freight Terminal Project , Cote d’Ivoire.
*US$ 11.8 million Loan financing for the Rehabilitation and Extension of Conakry Electricity Grid Distribution Project, Guinea.
*US$ 8.1 million Loan financing for the Al-Cham Medical Complex for Cancer Diagnosis and Treatment, Syria.
*US$ 156.3 million Istisna’a financing for the Construction of the Taza-Oujda Segment within the Fes – Oujda Highway Project – Morocco.
*US$ 75 million for participation in Ras Abu Fintas Water Desalination Station, Qatar.

GRANTS AND SPECIAL ASSISTANCE PROJECTS FROM WAQF FUND

US$ 175,000 for the Expansion of Union Primary and Secondary School, Kodungallor town, Thrissur District, Kerala State, India.
*US$240,000 for the Expansion of the Pre and Primary School "Debout Be’be’s" Bujumbura, Republic of Burundi.
*US$ US$ 370,000 for the Construction of a Hostel for "Technical University College of Tamale (TUCT)", Tamale, Ghana.
*US$ US$ 750,000 Loan financing for participation in the construction of a new compound for Al Nour Academy in Nairobi, Kenya.

APPROVALS BY THE PRESIDENT

The following are approvals of Technical Assistance made by the President of the Bank between the previous and present sessions of the Board:

*US$ 220,000 Technical Assistance (Grant)for the Syrian Commission on Financial Market and Securities (SCFMS), Syria.
*US$ 318,000 Technical Assistance (Grant)for the establishment of a laboratory for Halal Certification of Food and Agricultural products under the Ministry of Industry and Trade, Kazakhstan.
*US$ 250,000 Technical Assistance (Grant)for Conducting a Feasibility Study and Design for Saria Infrastructure Development.
*US$ 156,000 Technical Assistance (Grant)for Conducting a Feasibility Study for Abu Hujar Private Investment Agricultural Project, Sudan