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IDB Approves $ 3987 million to Finance Various Projects - ASHARQ AL-AWSAT English Archive
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Riyadh, Asharq Al-Awsat -The Islamic Development Bank has approved an amount of $ 3987 million during the fiscal year of 2005-2006 to help finance various projects in 46 member countries and 16 Islamic communities in non-member countries.

With this lending, IDB’s total financing so far since its establishment amounted to $ 47.8 billion which benefited 56 member countries and 72 Islamic communities in non-member countries.

This has been disclosed in IDB’s annual report of 2005-2006. The report shows that 40% of the IDB-approved amount of money since its establishment has been allocated for technical assistance, 59% for trade financing and 1% for special grants.

It indicates that the amount of money allocated for projects’ financing and technical assistance has increased in 1425 A.H. by 28.2% compared with the approved amount in 1424 A.H.

The report also shows that the amount of money for financing projects and technical assistance provided by the IDB capital resources has amounted to $ 1338.5 million compared with the previous year’s $ 1218.6 million with a hike of 6.2%.

In addition, the financing provided by IDB-affiliated bodies and establishments has reached $ 538.7 million compared with the previous $ 522.62 million.

Moreover, the soft financing allocated for African member countries has reached $ 227.65 million; more than double of what has been allocated for Asian member countries which has amounted to $ 97.46 million.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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