Islamic Development Bank (IDB) has pledged over USD 117 million to Maldives as aid, in the wake of negotiations initiated by the Minister of Finance Ahmed Munawar, during his trip to Jeddah, to participate in the IDB Annual Meeting.
Minister of Finance Ahmed Munawar participated in extensive negotiations with the bank's institutions on the sidelines of the IDB Annual Meeting. In his meeting with the President of IDB Dr. Bandar M. H. Hajjar, Minister Munawwar shared information about the important projects currently being implemented in the country. The IDB funds can be used in various areas, including infrastructure development and waste management, according to the ministry.
In the meeting held with IDB's Awqaf and Waqf Unit and with heads of the Islamic Financial Services Department, the institutions decided to increase funding provided for an ongoing project of the Ministry of Islamic Affairs.
In the meeting held with the CEO of the Islamic Finance Corporation of IDB, Hani Saalim, IDB decided to increase loan aid for harbor construction, fisheries and trade related projects and also pledged technical assistance to the Maldives.
Kuwait Fund and OPEC Fund for International Development OFID, clarified information about ongoing projects and assured that an agreement would be signed in July, regarding a new project.