DUSHANBE, January 18, 2012, Asia-Plus – The Islamic Development Bank (IsDB) intends to extend a US$17.5 million funding for the Secondary Schools Development Project in Tajikistan, according to information posted on IsDB’s website.
This financing is part of the overall US$321.8 million the IsDB Board of Executive Directors approved at its 280th session for various development projects in member nations and for Muslim communities in non-member nations.
The package of new approvals also includes US$140 million funding for a pioneer project to produce wind-powered electricity in Pakistan, US$ 50 million investment (which is to be raised to US$ 150 million at a later stage) in the Arab Financing Facility for Infrastructure (a joint initiative between IsDB and the World Bank’s IFC), as well as financings for other projects in Uganda (US$ 30.7 million for the Mulago Referral Hospital Project), and Egypt (US$ 32.3 million for the National agriculture Subsurface Draining Project). Grants of up to US$ 1.295 million for educational and health projects for Muslim communities in China, Northern Cyprus, Ethiopia, India, Venezuela and the Philippines were approved by the Board.
The Islamic Development Bank is an international financial institution established in pursuance of the Declaration of Intent issued by the Conference of Finance Ministers of Muslim Countries held in Jeddah in December 1973. The Inaugural Meeting of the Board of Governors took place in July 1975, and the Bank was formally opened on October 20, 1975.
The functions of the Bank are to participate in equity capital and grant loans for productive projects and enterprises besides providing financial assistance to member countries in other forms for economic and social development. The Bank is also required to establish and operate special funds for specific purposes including a fund for assistance to Muslim communities in non-member countries, in addition to setting up trust funds. The Bank is authorized to accept deposits and to mobilize financial resources through Shari”ah compatible modes. It is also charged with the responsibility of assisting in the promotion of foreign trade especially in capital goods, among member countries; providing technical assistance to member countries; and extending training facilities for personnel engaged in development activities in Muslim countries to conform to the Shari”ah.
The present membership of the Bank consists of 56 countries. The basic condition for membership is that the prospective member country should be a member of the Organization of Islamic Cooperation (OIC), pay its contribution to the capital of the Bank and be willing to accept such terms and conditions as may be decided upon by the IDB Board of Governors.
