IDB approves some $671m in fundings for member states

The Islamic Development Bank's (IDB) Board of Executive Directors approved Tuesday new fundings totalling USD 670.9 million for development projects in member and non-member countries. An IDB statement said the Executive Directors approved USD 312.8 million to finance electricity projects in Egypt and Senegal. They also approved USD 110 million to fund the development of a major road in Uganda, USD 48 million to fund pearl preservation and economic revival projects in Bahrain, while contributing USD 44 million for an underwater communications cable in Bangladesh. The statement noted that USD 12.4 million would be used to finance fish farms in Mozambique. The executive directors gave their approval for four donations for muslim communities in non-member Bosnia-Herzegovina, Cambodia, India and Thailand. Other fundings will be also channeled for development projects in African countries, said the statement