IDB approves US$ 575 million for developmental projects

The Islamic Development Bank has approved US$ 575 million in financing for "developmental projects" in Turkmenistan, Iran, Pakistan, Bangladesh, Turkey, Lebanon and Suriname.

Infrastructure projects that will receive funding include drinking water projects and sewage networks in the Akar region of Lebanon (US$ 52.7 million).

Pakistan's Niolum Jilum Hydro-electric power (HEP) project will receive US$ 137 million. When finished it will save the country the equivalent of US$ 300 million in hard currency annually.

Iran will receive US$ 91 million towards financing the Kahir Storage Dam Project. The dam will provide water for irrigation and drinking in the south of the country.

Suriname's New Nickerie Sea Port will receive US$ 5.5 million in additional financing towards upgrading its facilities thereby helping reduce the cost of exporting its agricultural products.

The project also aims to encourage regional integration and the navigability of the Nickerie River. The IDB has already allocated US$ 11 million to the project bringing its total contribution to US$ 16.5 million.

The IDB has also approved grants from its Waqf Fund for Muslim communities in non-member countries as a contribution to educational and health projects in Bosnia-Herzegovina (US$450000), Burundi (US$ 220000), Ethiopia (US$ 16 million), Thailand (US$ 295000), Tanzania (US$ 353000) and Somalia (US$ 450000) and Zambia (US$ 360000).