Middle East Loans
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Source: Islamic Development Bank
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The Board of Executive Directors of the Islamic Development Bank (IDB) concluded its 278th meeting in Jeddah, Kingdom of Saudi Arabia, approving allocations of more than US$ 890 million of financing for strategically important development projects in a number of member countries as well as some other projects for Muslim communities in different parts of the world.
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The Islamic Development Bank has given the go ahead for financing of a mega electricity production project in the People’s Republic of Bangladesh.
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07.08.2011, Jeddah, KSA - The Islamic Development Bank Group has approved US$ 200 million for funding a mega electricity production project in Egypt.
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Thursday, 04 August 2011 03.08.2011, Jeddah, KSA - The Board of Executive Directors of the Islamic Development Bank (IDB) concluded its 277th meeting in Jeddah, Kingdom of Saudi Arabia, approving US$ 494.73 million in financing for new development projects in member countries and Muslim communities in different parts of the world including a US$ 1 million urgent relief aid to the famine stricken Somalia. Chaired by IDB Group President, Dr. Ahmad Mohamed Ali, the meeting approvals included; “US$ 200 million South Helwan Power Plant Project in Egypt" and “US$ 200 million Ashungahj Power Station Efficiency Improvement Project in Bangladesh", in addition to other projects in Lebanon (US$ 37.2 million), Burkina Faso (US$ 23 million), Cameroon (US$ 16.4 Million), Senegal (US$ 15.6 million).
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The $1.85bn loan, increased from $1.75bn, for Qatar National Bank (QNB) has closed oversubscribed. Barclays Capital and Royal Bank of Scotland were the bookrunners.
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IPIC is talking to banks about a $640m eight year syndicated loan. It approached around 15 lenders early in August for first round commitments, and is likely to put together a club of eight banks within the next two weeks.