IDB in US$ 717 million funding

The Islamic Development Bank (IDB) has approved US$ 717 million in funding for a number of new development projects in its member countries.

The largest single tranche of funding was a US$ 198 million grant to support the construction of a 225 MW combined cycle power plant in the south-western district of Bhola in Bangladesh.

The IDB also approved US$ 191 million funding to support for water transmission and storage projects in Bahrain, while US$ 95 million was approved to support power production projects in Senegal.

A further US$ 66 million of financing was approved to help develop a power generation project in Syria's eastern Dier Al-Zour region, while US$ 25.2 million was approved to support Gambia's 20 MW Brikama II power project.

And in Mali's capital, Bamako, the IDB approved funds of US$ 21 million to support basic urban infrastructure and social housing projects, while Sierra Leone received US$ 12 million for the rehabilitation of the Kabala water supply system and Lebanon received US$ 5 million to support the construction of schools.

The IDB aims to foster the economic development of its 56 member countries in accordance with the principles of Islamic law, which prohibits the payment or acceptance of interest.