Eritrea + 2 more

Horn of Africa: IDB approves loans worth $325 million

Jeddah, 4th March 2003 - The Board of Executive Directors of the Islamic Development Bank (IDB) on Monday concluded its 213th session, with the approval of financing worth over $325 million for member countries and Muslim communities in non-member countries.
The IDB President, Dr Ahmad Mohammad Ali, who chaired the session, said that the funds included $124 million to finance development projects in 17 member countries, technical assistance worth $1.9 million for three member countries, and the sum of $1.4 million in grants from the Waqf (Endowments) Fund to finance five educational projects for Muslim communities in non-member states. The new provisions also provide assistance to an emergency relief program in the drought-stricken Horn of Africa, which includes Ethiopia, Eritrea and Kenya.

The Board took note of approval by the IDB President for the sum of $198 million to be granted to the Import Trade Financing Operations Program, Export Financing and the Technical Assistance Program during a period covering the current and last sessions of the Board of Executive Directors.

Source: SPA