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EM debt investors had largely expected a debt treatment would be required
Undisclosed institutional shareholder sells stake in Wednesday evening ABB
The country is unlikely to issue new dollar bonds in the near future despite a big rally in yields
Underwriting left unused after deal is 33% oversubscribed
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Manama, Bahrain: Islamic Bank today announced a net profit of $5.1 million for the first half-year of 2011, 264% higher than last year.
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Thursday, 04 August 2011 03.08.2011, Jeddah, KSA - The Board of Executive Directors of the Islamic Development Bank (IDB) concluded its 277th meeting in Jeddah, Kingdom of Saudi Arabia, approving US$ 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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respect of Technical Assistance: - US$ 300,000 as T.A grant operation for Al- Azhar Center for Teaching Arabic to Non-Native Speakers The Board of Executive Directors of the Islamic Development Bank regularly meet every two months to discuss the Bank’s development mandate through financing and rendering technical assistance to numerous projects in the Bank’s 56 member countries as well as Muslim communities worldwide. In late June, 2011, IDB Group President Dr. Ahmad Mohamed Ali stated during the Bank’s 36th Annual Meeting in Jeddah that the total amount of development financing of the Bank has exceeded US$ 70 billion since it commenced operations in 1975.
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Nigeria will adopt an inflation targeting framework and a flexible exchange rate by January 1, 2009, giving foreign investors greater access to local currency and domestic bond markets, reports EuroWeek’s sister publication, Emerging Markets.