Islamic Development Bank approves fund to finance Muslim communities in non Muslim States

The Islamic Development Bank has approved a fund of $325 million in new financing to its member states and Muslim communities in non-Muslim states.

The Board of Directors of Jeddah-based bank had approved $124 million for financing development projects in 17 member states. $198 million would be for trade financing and $3 million for grants and technical assistance.

Of the total sum, $50 million will go to Egypt to finance wheat purchase and $50 million for Bangladesh to import refined oil products. Turkey will also receive $41 million to import iron and steel scrap as well as refined petroleum products.

The 54-member IDB was established in 1975 to boost trade exchanges between Islamic states.