IDB approves USD515.6m funds

The Islamic Development Bank (IDB) has approved $515.6 million to fund several socioeconomic development projects. The funds consist of $490 million for the energy sector, divided into $220 million for a power plant project in Pakistan, $90 million for a similar project in Morocco, $83.4 million in Senegal, $60 million for power plant expansion in Mauritania, and $36 million for rural electrification project phase II in Cameroon. The education sector received $17.8 million consisting of $7.5 million for a project in Burkina Faso, and $10.27 million for Suriname. In the transport sector, the Board approved a $6 million technical assistance loan to the Republic of Niger. IDBs Waqf Fund had approved $780,000 as a grant for Muslim communities in non-member countries for educational projects in Bosnia and Herzegovina, Burundi, India and Malawi.