Middle East

Islamic Development Bank grants $63.3 million to Sudan

Author: Mon, 2018-04-09 00:40

JEDDAH: A grant agreement worth $63.3 million for the establishment of facilities and services in South Darfur, Western Sudan, was signed by the Islamic Development Bank (IDB) in Tunis on Saturday.
Fluctuations on the foreign currency black market forced the Sudanese central bank to twice devalue the pound since January.
The pound hit an all-time low in January when it was selling for between 43 and 45 to the dollar.
Earlier this month, the IDB agreed to lend Tunisia $185 million to finance developments including an electricity project, an official told Reuters.
The bank agreed to finance an electricity link worth $150, as well as the construction of hospitals in Kasserine and Kef worth $34 million.
Founded in 1973, the IDB is a Jeddah-based multilateral development financing institution. It began its activities in 1975. The present membership of the bank consists of 57 countries.
The IDB is engaged in a wide range of specialized and integrated activities such as project financing in the public and private sectors; and boosting economic and trade cooperation among member countries.

Tags: Islamic Development Bank (IDB)Saudi ArabiaMain category: Saudi Arabia IDB launches digital platform for sustainable developmentIDB, WB eye $1.9 trillion Islamic finance marketIDB to develop Shariah-compliant blockchain

[contf]
[contfnew]

Arab News

[contfnewc]
[contfnewc]

Related Articles

Middle East

Israel PM ‘flew to Saudi Arabia for secret talks with crown prince’

bbc– Israeli Prime Minister Benjamin Netanyahu secretly flew to Saudi Arabia on...

Middle East

Lebanon’s unfinished revolution: One year after protests, change has yet to come

Issued on: 21/10/2020 – 12:18Modified: 21/10/2020 – 14:28 It's been one year...

Middle East

Israel lauds UAE delegation visit as ‘making history’, Palestinians deem it ‘shameful’

Issued on: 20/10/2020 – 14:27 In an historic first visit by a...

Middle East

Iran rules out weapons ‘buying spree’ as UN embargo is set to expire

Issued on: 18/10/2020 – 07:42 Iran said it was self-reliant in its...