The board of directors of Islamic Development Bank (IDB) approved on Tuesday the financing of new development projects in member and non-member countries totaling USD 718 million.
The funds will cover important sectors in some member countries, such as roads, power and water supply and sanitation, agriculture and development of rural areas, said the bank in a statement after meetings of board of directors, headed by IDB Group President Ahmad Mohammad Ali.
The funding will be channelled to development projects in Turkey, Oman, Uganda, Uzbekistan, Cote d'Ivoire, Benin, Yemen, and technical assistance to Bahrain.
Turkey would receive USD 300 million to projects including banks while Oman get USD 225 million to fund the construction of a second track of a major road.
IDP also approved a funding of USD 70.7 million to a project to provide electricity to rural areas in the Republic of Uganda and provide USD 57.5 million to a project to improve sanitation services in the Republic of Uzbekistan.
The bank also agreed to provide funding worth USD 21 million to a project to producing improved agricultural seeds to Cote d'Ivoire, in addition the bank will contribute USD 20 million to a development project in rural areas of the Republic of Benin.
The board of directors decided also to adopt a provision of grants and aid from IDB Endowment Fund to help education and training for Muslim communities in non-member countries: Kenya, New Zealand, and South Africa.
IDB also approved a memorandum on cooperation with the International Monetary Fund (IMF) to provide technical assistance to countries interested in developing Islamic financial services.
Established in 1973, IDB is a catalyst for human development, created by a group of countries that provides project finance and professional advice to developing countries.