IDB APPROVES TRADE, PROJECT LOANS TO MEMBERS
The Executive Directors of the Islamic
Development Bank (IDB) approved a total of 115 mln dlrs of
trade and project financing loans to its member countries in
the first two days of its meetings here, a bank statement said.
    Two Turkish iron and steel companies were lent a total of
14.5 mln dlrs for modernisation projects to be paid over 10
years with a two-year grace period.
    Libya is to receive 8.9 mln dlrs for a plant to produce
concrete blocks, North Yemen 5.5 mln dlrs for roads and
Maldives 1.8 mln dlrs for school construction.
    The board approved a 4.2 mln dlrs loan to Benin for the
construction of the Cotonou port, to be repaid in 25 years with
a five year grace period, the statement said.
    The directors also approved 15 mln dlrs of loans each for
Turkey, Morocco and Jordan, 16 mln dlrs for Algeria, 10 mln
dlrs for South Yemen, six mln dlrs for Tunisia and 3.1 mln dlrs
for Malaysia to finance the import of commodities including
crude oil, petroleum products and basic computer components.
    The directors are expected to end their meetings later
today and the IBD Governors will start a two-day annual meeting
in Istanbul on Saturday.
 REUTER
