The Islamic Development Bank approved an operation plan for the new fiscal year

The Board of the Islamic Development Bank approved an operation plan for the new fiscal year 2014-2015 at its 300th meeting held on 19 -22 October in Jeddah. According to the Bank, the plan has a budget of US$ 5.1 billion not including the administrative budget for the Bank and its Funds and Programs. The Bank also approved US$ 814.2 million for development financing. Amongst the approvals of the Board was US$ 230.2 million for Development of Sharm El –Sheikh International Airport Project (Phase-II) – Egypt. IDB has already contributed US$ 226.8 million to the project and with the new approval IDB contribution to the project reaches US$ 457 million.