(MENAFN- Khaleej Times) Shaikh hamdan bin rashid al maktoum deputy ruler of dubai and uae minister of finance has said the uae was keen on becoming an effective founder of the islamic development bank (idb) since its inception in 197
shaikh hamdan addressing the idb meeting in jeddah. — wam Addressing a ceremony held in jeddah to mark idb’s 40th anniversary and the start of its council of governors annual meeting shaikh hamdan said as the capital of islamic banking the uae is well positioned to further contribute in the development of the idb and realisation of its goals in supporting economic and social development in the member countries.Shaikh hamdan who is heading the uae delegation at the idb governors annual meeting in saudi arabia has witnessed the signing of a partnership renewal agreement between the uae and the idb in jeddah.Dr rashid ahmed bin fahad minister of environment and water who was representing the dubai-based international centre for bio-saline agriculture signed the agreement with dr ahmad mohamed ali al madani president of the idb.The signing of the five-year agreement means the jeddah-based bank and the icba will continue in their partnership and cooperation in bio-saline land cultivation and research in the field of agriculture.Idb financingMeanwhile the 298th meeting of the board of executive directors of the bank that convened at the idb headquarters approved $447.6 million towards financing several new development projects in a number of member countries.The meeting also approved three grants under the idb waqf fund for educational projects for muslim communities in kenya lesotho and trinidad and tobago. the major part of the financing $304 million went to the energy sector with $220 million for a power grid extension project in bangladesh and $83.75 million for the 132kv mirama-kable transmission line and distribution project in uganda.Other approvals of the board included: $87.5 million for improvement of wastewater management and sanitary services in al ghadir drainage basin lebanon; an additional $25 million for the second phase of queen alia airport expansion project jordan raising the idb financing for the queen alia airport expansion to $125 million; $15 million for primary healthcare services expansion project in chad; and $15 million for support to the development of technical and vocational schools project in guinea.Also a $450000 technical assistant grant was provided under the idb waqf fund towards capacity development of laboratory technicians (micro biology) in seven west african countries - burkina faso benin guinea malli niger senegal and togo. it is expected that such capacity building measures would help fight tb aids and malaria.— with inputs from wam
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