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Islamic Development Bank approves USD 511 million for Mega projects
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Friday, 04 Mar 2011
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The Islamic Development Bank approved the financing of USD 511 million for projects that included three mega projects namely, the USD 222.70 million Tirana Elbasan Road in Albania, the USD 107.81 million schools development program in Turkey and the USD 95 million Grain Steel Silos in Pakistan.

IDB statement said that the approved financing also included a package amounting to USD 250 million as grant dedicated to rendering the required technical assistance and supporting investments in IDB member countries for creating job opportunities for the youth, alleviating poverty, financing SME projects and capacity building.

The bank further approved a technical assistance grant for the preparation of non oil export strategy for GCC member countries as well as grants from the WAQF Fund for different programs to be implemented for Muslim Communities in non member countries including Ukraine, India, Tataristan and United States.

The projects approved included USD 30.8 million for Water Distribution Network Upgrading Project as well as construction of National Cardiac Center in Nouakchott, Mauritania; USD 21 million for Sana’a Water Supply Enhancement Project, Yemen and USD 500,000 for Establishment of phase I of a Children Care Center in Addis Ababa, Ethiopia, USD 219,000 for Expansion of Al Munawwara Islamic School Building, Davao City, Philippines.

(Sourced from www.menafn.com)

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