US$ 522 million from IDB for new development projects

Along the same line, an emergency grant of US$ 2.3 million was approved by the Board in favor of the victims of the devastating floods that swept through large areas in west Africa and affected more than (600) thousand of the population in many African countries, particularly in Burkina Faso.
Moreover, the Board approved a fixed annual grant to be allocated in the form of awards from the Bank for encouraging distinguished scientists and researchers in member countries.
The Board, in accordance with the Bank's keenness to promote Islamic finance industry, approved some US$ (3.9) million as a contribution to the paid up capital of the first Islamic commercial bank to be established in Sri Lanka.
The Board also approved new finances totaling US$ 522 million for development projects in seven member countries including Albania, Jordan, Indonesia, Azerbaijan, Pakistan Burkina Faso and Benin , Seven grants from Waqf Fund was also approved in favor of Uganda and six Muslim communities in R. D. of Congo, Holland, Tanzania, Bosnia Herzegovina, Britain and Ethiopia.
The Board also took note of the approvals made by the President of the Bank, between the previous and current sessions of the Board, in exercise of the powers conferred upon him by the Board.