The Board of Executive Directors of the Islamic Development Bank (IDB) has approved a new round of financing worth $189.4 million for development projects covering important sectors in several member countries and also some Muslim communities in non-member countries.

This came following the 302nd Board meeting of the lender, which held in Jedah, Saudi Arabia from Sunday, January 18 to Tuesday, January 20, 2015, under the chairmanship of IDB President Dr. Ahmad Mohamed Ali. The Board reviewed some important issues, including the draft agenda for the upcoming 40th Annual Meeting of the IDB Board of Governors slated for June 10-11, 2015 in Maputo, Mozambique. The meeting is to be attended by Ministers of Finance and Economy of the 56 member countries.

The road and transport sector received $136 million of funding for contribution to construction of a 130 kilometer road in Cote d’Ivoire connecting the capital Yamoussoukro to the city of Tiebissou. It is part of the highway linking the port of Abidjan in the north of the country to Burkina Faso, Mali and Niger, all land-locked member countries of the IDB. The highway is part of a regional network promoted by the Economic Community of West African States (ECOWAS).

Three grants totaling $ 600,000 were also approved under the IDB Waqf Fund for projects focusing on education in Barbados, Nepal, and Sri Lanka.

IDB recently signed several agreements of funding with Burkina Faso, at a total amount of nearly $200 million, according to the Saudi Press Agency. This funding was reported to be aimed at constructing roads, supporting a water project and a solar-based rural electrification project.

The Bank extends interest-free loans to its member countries for the financing of infrastructural and agricultural projects both in the public and private sectors. There are 28 African states in the IDB.