Islamic Development Bank Approves Record $4.2 Billion of Loans

The Islamic Development Bank, a Jeddah-based multilateral lender, said it approved a record $4.2 billion in financing for projects around the world this year.

Funding included $105 million for a power-generation, transmission and distribution program in Mauritania’s capital, Nouakchott, $53 million for the Saudi Arabian SME Fund and $11 million to support the second phase of a road project in Morocco, the lender said in an e-mailed statement today.

“As part of IDB’s vision to become a world-class organization by 2020, the board of directors has also approved the launching of five IDB pilot gateway offices in Egypt, Turkey, Indonesia, Bangladesh and Nigeria to follow up on the implementation of IDB projects,” President Ahmed Mohamed Ali said in the statement. “If after three years the progress of these offices is positive, similar offices could be opened in the future.”

The bank in July approved a $250 million grant to support a youth-employment program in Arab countries, including Egypt and Tunisia where protests toppled those countries presidents.

To contact the reporter on this story: Sarah Abdullah in Jeddah via the Dubai newsroom at .

To contact the editor responsible for this story: Maher Chmaytelli at mchmaytelli@bloomberg.net.

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