<p>The Islamic Development Bank (IsDB) is to provide $104m (£67.3m) in loans to African governments to fund an expansion of Millennium Villages, the controversial project led by Jeffrey Sachs, director of Columbia University's Earth Institute. About $40m of the money will go towards a flagship sustainable villages programme (SVP) in Chad, Mozambique, and Sudan. In addition, $29m will support the extension of existing Millennium Village projects (MVPs) in Mali, Senegal and Uganda, while $35m will be used for a drylands initiative in Djibouti, Somalia and Uganda. Governments will team up with the IsDB, the Earth Institute, and its partner, Millennium Promise, to carry out the projects. The Millennium Village project covers more than 500,000 people in 14 areas of 10 countries in different environments across Africa. Each site was considered a "hunger hot-spot" at the time the project began in 2006. The concept works on the principle of interventions across several key areas – health, education, enterprise and agriculture – over a 10-year period.</p>
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<p><a href="http://www.theguardian.com/global-development/2013/aug/13/millennium-villages-project-islamic-development-bank" title="http://www.theguardian.com/global-development/2013/aug/13/millennium-villages-project-islamic-development-bank">http://www.theguardian.com/global-development/2013/aug/13/millennium-vil…</a></p>
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<p>Pakistan will reportedly receive 250 million Euros from the Islamic Development Bank (IDB) in the ongoing month of August, which is part of 750 million Euros loan. Similarly, the country will also avail the trade facility of $150 million for import of fertilizer and Petroleum products this month. The Islamic Development Bank had agreed to the loan and the trade facility in a meeting between the President of the Islamic Development Bank, Dr. Ahmed Muhammad Ali, and Pakistan’s Finance Minister Senator Ishaq Dar in Jeddah last week. Pakistan will also receive $500 million from Asian Development Bank and $500 million from World Bank in the second half (January-June) of the ongoing financial year 2013-14. Moreover, Pakistan is expecting to receive $3.4 billion from IMF during the current financial year. The loans will help building the foreign exchange reserves, which are currently around $10.25 billion.</p>
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<p><a href="http://www.nation.com.pk/pakistan-news-newspaper-daily-english-online/business/09-Aug-2013/idb-gives-pakistan-250m-euro" title="http://www.nation.com.pk/pakistan-news-newspaper-daily-english-online/business/09-Aug-2013/idb-gives-pakistan-250m-euro">http://www.nation.com.pk/pakistan-news-newspaper-daily-english-online/bu…</a></p>
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<p>Pakistan will reportedly receive 250 million Euros from the Islamic Development Bank (IDB) in the ongoing month of August, which is part of 750 million Euros loan. Similarly, the country will also avail the trade facility of $150 million for import of fertilizer and Petroleum products this month. The Islamic Development Bank had agreed to the loan and the trade facility in a meeting between the President of the Islamic Development Bank, Dr. Ahmed Muhammad Ali, and Pakistan’s Finance Minister Senator Ishaq Dar in Jeddah last week. Pakistan will also receive $500 million from Asian Development Bank and $500 million from World Bank in the second half (January-June) of the ongoing financial year 2013-14. Moreover, Pakistan is expecting to receive $3.4 billion from IMF during the current financial year. The loans will help building the foreign exchange reserves, which are currently around $10.25 billion.</p>
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<p><a href="http://www.nation.com.pk/pakistan-news-newspaper-daily-english-online/business/09-Aug-2013/idb-gives-pakistan-250m-euro" title="http://www.nation.com.pk/pakistan-news-newspaper-daily-english-online/business/09-Aug-2013/idb-gives-pakistan-250m-euro">http://www.nation.com.pk/pakistan-news-newspaper-daily-english-online/bu…</a></p>
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<p>The Federal Government of Nigeria has sought the support of the Islamic Development Bank for the provision of about $450m to expand the power transmission system to wheel up to 20,000 megawatts of electricity. According to Vice-President Namadi Sambo, more funds need to be injected in the transmission component. Sambo also called on the bank to consider the construction of a road linking Lagos to Abidjan, the capital of Côte d’Ivoire. Moreover, he requested the IDB to extend its support to the Nigerian private sector in the areas of education, aviation and agriculture. IDB has already approved the construction of four new science secondary schools in Kaduna State worth $17,9m; construction of a 300-bed specialist hospital in Kaduna State at $43.15m; and the Zaria water supply project worth $81.0m. Furthermore, the$32.40m Jigawa State rural development project and the bilingual education programme for Borno, Gombe and Niger states worth $30.53m are under consideration.</p>
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<p><a href="http://www.punchng.com/business/business-economy/power-fg-seeks-450m-from-islamic-development-bank/" title="http://www.punchng.com/business/business-economy/power-fg-seeks-450m-from-islamic-development-bank/">http://www.punchng.com/business/business-economy/power-fg-seeks-450m-fro…</a></p>
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The Islamic Development Bank (IDB) has agreed to extend a loan facility of 750 million euros to Pakistan. The first tranche of the loan will be released before mid of the current month. The IDB will also provide a trade facility of $150 million for imp…
<p>Mohammed Obaidullah of the Islamic Development Bank highlighted the role of customers in strengthening Islamic banks and financial institutions by asking right questions and monitoring the bank’s activities and dealings. The customer is the driving force who can make Islamic banking move, he said while giving a lecture on the relevance of Islamic banking and finance in the modern world at the Islamic Education Foundation. Obaidullah called for the establishment of independent Shariah bodies to monitor and approve the activities of Islamic Banks. Moreover, Islamic banking and finance have become a strong industry that will not be shaken by defaulting of some institutions or individuals, he added emphasizing the importance of taking protective regulatory measures. Obaidullah hoped that India would soon get on the bandwagon of Islamic banking since the country could get the much-needed funds available in GCC countries for its infrastructure projects.</p>
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<p><a href="http://www.arabnews.com/node/334478" title="http://www.arabnews.com/node/334478">http://www.arabnews.com/node/334478</a></p>
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The Islamic Development Bank's board of executive directors has approved new finances worth $790 million to carry out different projects in member countries. The board agreed to give $220 million to the renewable energy program of the Development Bank …
The Board of Executive Directors of the Islamic Development Bank (IDB) has approved US $789.4 million to finance development projects in eleven member countries as well as education projects for Muslim communities in non-member countries. The BED appro…
The Islamic Development Bank (ISDB) will disburse a loan of PKR 14.6 billion (USD 146 million) with a 0.5 percent interest rate per year to the Punjab provincial government of Pakistan. The money will be used for a microfinance facility that will provi…
Ghana and the Islamic Development Bank (IDB) have joined the African Legal Support Facility (ALSF). Ghana is now the 48th country to join the facility and the IDB the sixth international organization to become a member. The membership of the IDB shall …
BP on Tuesday said it was boosting spending on oil and gas as much as it will on what it calls "transition growth engines," a sign of both the pushback energy giants have received for their moves into the renewable energy space as well as the need for energy security and affordability.
Nintendo said it sold 14.9 million Switch consoles in the nine-month period ended Dec. 31, down from 18.95 million units during the same period a year earlier
Industrial output, comprising manufacturing production, energy and construction, fell 3.1% on month in December on a price-, seasonally- and calendar-adjusted basis, against expectations for a 0.6% rise.
BP's full-year replacement cost profit was $27.7 billion, compared with almost $13 billion for 2021 when BP swung back from early Covid-19 pandemic losses.
Shares of Baidu Inc. surged in Hong Kong on Tuesday as investors welcomed the Chinese internet giant's plan to launch an artificial-intelligence chatbot next month amid an intensifying AI race in the technology industry.
The Reserve Bank of Australia delivered a record ninth consecutive interest rate rise at its first policy meeting for this year, citing the stubbornness of inflation pressures and increased potential for a big jump in wages.
After the extended trading session ended, the Wall Street Journal reported that the company had received investor commitments to raise $225 million of equity capital initially, with the rest of the more than $1 billion offering coming later.
A FedEx Corp. flight landing at the Austin, Texas, airport last weekend appeared to come within 100 feet of a Southwest Airlines flight taking off, according to the head of the safety agency leading the investigation into the incident, the second such close call in three weeks.
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