IDB approves $987 million for funding development projects

27/08/2014 14:50 AST

UAE news agency WAM reports that Islamic Development Bank (IDB) has approved $987 million in funds for supporting economic and social development projects and programmes in its member countries, in addition to grants for Muslim communities in non-member countries.

The funds approved by the IDB's Board of Executive Directors at a recent meeting include $176 million for Oman, $100 million for Uzbekistan, $179.3 million for Cameroon, $26.7 million for Lebanon, $20 million for Yemen and $10 million for Uganda, said President of the Jeddah-based IDB Group, Ahmad Mohamed Ali Al Madani.

Egypt alone received $198 million for the development of develop Assiut Oil Refinery and $226,8 for the development of Sharm El Sheikh International Airport, from IDB's latest funds, according to Al Madani.

IDB's endowment fund will grant $150,000 for building a vocational training at an orphanage in Phnom Penh, Cambodia, $200,000 for building an educational and cultural centre in Bergamo, Italy, and $200,000 for building a vocational training centre for the Muslim community in Port Villa, Vanuatu.


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