Islamic Development Bank approves $715MN for projects

By Bahattin Gonultas

ANKARA (AA) - The Saudi Arabia-based Islamic Development Bank has approved $715 million in funding for development projects in Kazakhstan, Uzbekistan and Lebanon, according to a statement released on Monday.

Among the approved projects are $328.5 million for a border reconstruction scheme in Kazakhstan; $300 million for the second phase of a rural housing plan in Uzbekistan plus $86 million for the expansion of Tripoli port in Lebanon.

Fifty-seven countries are members of the bank which aims to support economic and social developments and has approved more than $120 billion in financing since its establishment in 1974.