JEDDAH, March 19 (NNN-SPA) -- The board of executive directors of the Islamic Development Bank (IDB), which concluded its 266th meeting at its headquarters here, has approved USD 333.9 million for financing new projects.

The beneficiaries include Pakistan, Bahrain, Yemen, Benin, Sierra Leone and Saudi Arabia.

The board also approved a USD 1 million grant for the Syria-Turkey Inter-Regional Cooperation Programme.

Similar grants were also approved for Muslim communities in non-member countries, including India, Fiji Islands, Kenya, Nepal, Thailand and the United States.

The board meeting, chaired by IDB President Ahmed Muhammad Ali, approved a USD 5.4 million loan for Benin for a microfinance support programme, and a USD 8.88 million loan for Sierra Leone to fund a community-driven development project.

Yemen will receive a USD 10.5 million loan for a rural development project while Pakistan will receive USD 62 million in finance for the construction and equipping of a teaching hospital.

The IDB will give USD 124 million for an electricity power project in Bahrain, USD 120 million for a refinery and petrochemical project in Jubail.

The Lautoka Muslim Primary School in Fiji will receive a grant of USD 250,000 while the Indian Muslim community in Jharkhand received USD 226,000 to build a vocational training centre, the IDB said in a statement.

-- NNN-SPA