The board of executive directors of the Islamic Development Bank (IDB) recently approved over $1 billion in funds to finance various agriculture, education, and infrastructure projects in IDB member nations as well as Muslim communities non-member nations.
The approval was part of the board’s 311th session in Jeddah where officials reviewed the company’s policies, programs and future plans.
By the end of the meeting, they had granted $176.5 million to the development of four higher education institutions in Indonesia and $330 million to the nation’s power grid enhancement project.
In Mali, the Kwala-Mourdiah-Narah Road Project will receive $92.2 million from the IDB. In Niger, $83.8 million will be given to the Kandadji-Niamey Transmission Line Project. In Tunisia, the Sfax Integrated Agricultural Development Project will receive $24.3 million.
In the UK, the Democratic Republic of Congo and New Caledonia, the IDB will contribute $475,000 in the form of special assistance grants to support training and education projects for the Muslim communities in these areas.
Communities in Oman will benefit from $350 million being sent to the Sohar to Ibri Water Supply Project. In Cameroon, $42.42 million will be dedicated to the Livestock Markets and Infrastructure Development Project.