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French Version


IDB extends $62.1m loan to Lebanon (Daily Star)

4 development projects to benefit
The Saudi-based Islamic Development Bank (IDB) announced Monday it is extending Lebanon a $62.1 million loan to fund four development projects.


The loans are to finance projects overseen by the Lebanese Council for Development and Reconstruction (CDR) and include $32.4 million for the construction of a section of the southern coastal highway, a statement said.

IDB said $12.5 million of the loan will furnish "three hospitals and three other health centers in the South," while $7 million will fund the construction of a new road in the northern region of Beshare. This week the CDR announced $700 million worth of projects that will be implemented throughout Lebanon. Lebanon is receiving soft loans from the Islamic Development Bank (IDB), World Bank and other international agencies to help in the construction of hundreds of development projects, especially in rural areas. The IDB is the financial arm of the Jeddah-based Organization of the Islamic Conference (OIC), which comprises 56 Muslim countries. The OIC has extended numerous loans to many countries in the past few years.

Last year, the OIC's Board of Executive Directors concluded its 227th session at the bank's Jeddah headquarters, and approved implementation of around $1.3 billion in project financing and trade operations. IDB president Ahmed Mohammed Ali, who chaired the session, said the aforementioned amount was approved for a number of member countries and Muslim communities in non-member countries toward project financing, trade operations and special assistance. The total amount includes around $122 million toward project financing, $2 million for special assistance to Muslim communities in non-member countries, $751 million for trade operations, and around $378 million toward trade operations from the Asset Management Department (comprising the Unit Investment Fund, Islamic Banks Portfolio and Awqaf Properties Investment Fund). During the session the board approved the five-year strategic plan of the IDB Group and reviewed policy reports and documents including from the 29th annual IDB meeting.

Beirut 17-01-2005
Osama Habib
The Daily Star



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