<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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August 14, 2013 | Posted in
Islamic Finance |
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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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August 12, 2013 | Posted in
Islamic Finance |
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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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August 12, 2013 | Posted in
Islamic Finance |
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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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August 8, 2013 | Posted in
Islamic Finance |
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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…
August 5, 2013 | Posted in
Islamic Finance |
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<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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Juli 22, 2013 | Posted in
Islamic Finance |
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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 …
Juli 17, 2013 | Posted in
Islamic Finance |
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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…
Juli 10, 2013 | Posted in
Islamic Finance |
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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…
Juli 8, 2013 | Posted in
Islamic Finance |
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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 …
Juli 1, 2013 | Posted in
Islamic Finance |
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