IDB approves US$504 million financial aid for member states

Tashkent, Uzbekistan (UzDaily.com) -- The Islamic Development Bank (IDB) has allocated financial aid worth US$504 million to finance projects in a number of member states.

In a statement issued today, the IDB said the package was to support new development projects in Benin, Kyrgyzstan, Sudan, Tajikistan, Tunisia, Lebanon, Nigeria, Uganda, Bangladesh, Iran, and Uzbekistan. Currently, no details are available on approved projects.

The IDB also approved a financial aid for the African Union Commission for the finance of major development programs.

The IDB also allocated non-refundable financial aid to three Muslim communities in non-member states in India, Ethiopia, and the United States, the statement added.

The IDP offered a financial aid to Jordan to develop the capacity of local communities in the provinces of Ajloun and Balqa.

The board of directors approved on offering financial aid to Togo and Niger according to the special initiative to support the Heavily Indebted Poor Countries (HIPC).

The approval of the aid came when IDP President Ahmad Mohammad headed the board of executive directors at the bank’s headquarters in Jeddah on Sunday.