Jeddah: The 287th session of the Board of
Executive Directors of the Islamic Development Bank (IDB) held
here on December 23 approved
$600,000 in grants for three educational projects
in Muslim communities in non-member countries, namely, Austria,
New Zealand and India.
The meeting also approved $56 million to finance new development projects in member
The session, presided over by IDB President Dr. Ahmad Mohamed Ali,
resolved to submit a memorandum on the fifth general increase in
IDB’s authorized and subscribed capital to the annual meeting of
the IDB Board of Governors scheduled to take place in Dushanbe,
Tajikistan, during 21-22 May 2013.
The decision comes in the wake
of recommendations by the Fourth Extraordinary Session of the
Islamic Summit Conference in Makkah in August this year calling
for an increase in the IDB capital to enable it to bring
comprehensive development in member countries and Muslim
communities in non-member countries, according to an IDB
The meeting approved financing of the following development
projects: $31 million for the development of the Al-Azhar
University Specialized Hospital Project in Egypt, $15 million for
Women Entrepreneurship Development and Youth Employment Support in
Senegal, and $9 million for Tovegbame Bridge Project in Benin.
The Board also approved $30.5 million
(including a grant of $330,000 approved earlier), allocated by the IDB president for financing the bilingual education program in
three states in Nigeria.
The session also decided to recommend to the Board of Governors’
meeting a proposal to earmark an amount for the promotion of the
Islamic financial services industry.
This fund is aimed at
developing means to help meet the rising demand for technical
assistance, capacity building, promote Islamic microfinance,
develop takaful (Islamic mutual insurance system), endowments, and
management of zakat.